SAN FRANCISCO, Oct. 7, 2014 (GLOBE NEWSWIRE) -- Four of the eight winners of Affordable Housing Finance magazine's 2014 Readers' Choice Awards competition for the nation's Best Affordable Housing Developments received Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco). Four additional projects that also received funding from FHLBank San Francisco's AHP were among the 34 finalists selected by magazine readers.
"This industry recognition illustrates how effective our members and their community partners are in producing quality affordable housing," said Dean Schultz, President and Chief Executive Officer at FHLBank San Francisco. "We are pleased that our members and sponsors bring such innovation and creativity to developing the affordable housing that is most needed in communities they serve."
Affordable Housing Finance magazine's 2014 Readers' Choice Awards went to the following projects, each of which received an AHP grant through an FHLBank San Francisco member financial institution:
Family Winner: Caroline Severance Manor, Los Angeles, CA
Mercy Housing California's supportive housing complex includes an on-site childcare facility operated by the YMCA. The project was awarded a $1 million AHP grant in 2010 through Bank member Wells Fargo Financial National Bank.
Urban Winner: The Savoy, Oakland, CA
Satellite Affordable Housing Associates transformed two historic but decrepit downtown hotels into quality studio apartments for formerly homeless and other low-income individuals. The project was awarded a $1 million AHP grant in 2012 through Silicon Valley Bank.
Special-Needs Winner: Star Apartments, Los Angeles, CA
Skid Row Housing Trust's Star Apartments, constructed out of prefabricated cube-shaped apartments, provides permanent supportive housing with on-site medical services to some of Skid Row's most vulnerable. The project was awarded a $1 million AHP grant in 2010 through Community Bank.
Seniors Winner: Coastside Senior Housing, Half Moon Bay, CA
Mercy Housing California's mixed-use development for seniors is designed for active and healthy aging in place, and features an adult day health center. The project was awarded a $780,000 AHP grant in 2011 though Bank of America California.
Readers of Affordable Housing Finance magazine also chose the following recipients of FHLBank San Francisco AHP grants as finalists for the 2014 Readers' Choice Awards:
This Historic Rehab Finalist, developed by Coalition for Responsible Housing, was awarded an $810,000 AHP grant in 2011 through MUFG Union Bank.
This Seniors Finalist, developed by Low Income Housing Institute, was awarded a $650,000 AHP grant in 2010 through Mississippi Valley Co./U.S. Bank.
This Preservation Finalist, developed by Mercy Housing California, was awarded an $840,000 AHP grant in 2010 through Silicon Valley Bank.
Another Seniors Finalist, this project was developed by Telacu Homes and awarded an $830,000 AHP grant in 2010 through Rabobank.
Earlier this year, Affordable Housing Finance magazine's readers submitted nominations in eight different categories for the nation's best affordable housing developments. Then, editors asked readers to vote for their favorite projects based on profiles that ran in the July/August issue. Out of those 34 finalists, readers voted for the best development in eight categories along with one overall winner. For more information about the survey, visit www.housingfinance.com.
About the Affordable Housing Program
The AHP is a flexible source of gap funding for projects that create an affordable place to call home for low-income and moderate-income families and individuals. AHP grants are awarded through a competitive application process to FHLBank San Francisco's member financial institutions working in partnership with community-based housing sponsors or developers. AHP funds can be used to assist in the purchase, construction, or rehabilitation of affordable housing units. Funded projects cover a wide range of strategies and solutions, from new construction to historic preservation or adaptive reuse. Since 1990, with 10% of the its annual earnings set aside to support the program, the FHLBank San Francisco has awarded $784 million in competitive AHP subsidies to produce nearly 112,000 units of quality affordable housing in Arizona, California, Nevada, and other states served by its members.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. FHLBank San Francisco also funds community programs that help members create affordable housing and promote community economic development. FHLBank San Francisco members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
CONTACT: Mary Long, (415) 616-2556 email@example.com
Source:Federal Home Loan Bank of San Francisco