Century sponsored eight successful applications for Affordable Housing Program (AHP) grants in FHLBank San Francisco’s 2019 funding competition. The eight sponsored projects were awarded a total of $6,730,000 in subsidies this year, making Century the second highest-ranking member participating in the competition, and the most active AHP application sponsor in California.
The AHP grants will enable the winning applicants to move forward in developing a total of 681 new affordable housing units. The eight projects will create permanent supportive housing intended for homeless and formerly homeless residents, senior and veteran housing, modular housing, and LEED-designed sustainable buildings. Century is a proud member of FHLBank San Francisco and congratulates the applicants on their 2019 awards!
About the Affordable Housing Program
FHLBank San Francisco sets aside 10% of its earnings each year to fund the AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded over $1.1 billion in AHP funds to support the construction, rehabilitation, or purchase of nearly 142,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.