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FHLBank San Francisco Hosts Habitat for Humanity Build Day to Complete Whitney Young Circle Homes

Posted on: Wednesday, 1 July 2009, 11:26 CDT

Project Made Possible with $140,000 Grant from FHLBank San Francisco Affordable Housing Program

SAN FRANCISCO, July 1 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) hosted the Habitat for Humanity Greater San Francisco build day to complete construction on seven new homes in the Whitney Young Circle housing development. Five of the homes will be owned by Asian families, who have immigrated to the United States from China and Vietnam and two of the homes will be owned by families who immigrated from Africa.

Executives from the FHLBank San Francisco, congressional staff from House Speaker Nancy Pelosi's office and Senator Dianne Feinstein's office joined civic and community leaders as they brandished drills and hammers with the families to complete the building of their respective homes located in the Bayview-Hunters Point neighborhood. The development was funded, in part, by a $140,000 Affordable Housing Program (AHP) grant from the FHLBank San Francisco through its member institution, Silicon Valley Bank. The funding allowed the mortgage of each home to be reduced by $20,000. Each single-family home includes four bedrooms, two baths, a one-car garage and a host of environmentally-friendly components such as solar photovoltaic roof panels and will accommodate residents with mobility impairments.

"In these troubling economic times, public-private partnerships continue to help provide access to affordable housing," said Speaker Pelosi. "The Federal Home Loan Bank of San Francisco's Affordable Housing Program is a key component in providing housing opportunities for low-income families and individuals. It is a catalyst for public-private partnerships that are making a difference in communities throughout California."

Lawrence H. Parks, Senior Vice President of External and Legislative Affairs for the FHLBank San Francisco, also cited the Whitney Young Circle Housing Development as an example of the success of public-private partnerships. "Homeownership is the core of the American dream," Mr. Parks said. "By working with our member institutions and uniting public and private entities, FHLBank San Francisco helps to ensure that working families and individuals can obtain affordable housing. Homeownership remains a core factor in building strong communities."

In addition to funding from the FHLBank San Francisco, the project also received significant support from the city of San Francisco and the San Francisco Redevelopment Agency which donated the land that was previously used for temporary housing during World War II.

The housing development at Whitney Young Circle is Habitat for Humanity Greater San Francisco's newest affordable ownership housing development and one of several successful Habitat developments in the Bayview-Hunters Point neighborhood.

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. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 358 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

SOURCE FHLBank of San Francisco

Source: PR Newswire

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