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Rep. Dennis Cardoza Joins FHLBank San Francisco Executives for Habitat for Humanity Build Day at Hope Village in Modesto

Posted on: Thursday, 2 July 2009, 11:27 CDT

MODESTO, Calif., July 2 /PRNewswire-USNewswire/ -- Rep. Dennis Cardoza (D-CA) and representatives from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today gave four local families the keys to their new homes in Hope Village. The presentation was made during a dedication ceremony concluding the Habitat for Humanity Stanislaus build day hosted by the FHLBank San Francisco.

The build day was a part of Habitat for Humanity's Congress Building America (CBA) program in which congressmen and their staff members, work alongside community volunteers to help the new homeowners complete the construction of their energy-efficient residences. The day-long event completed phase one of the Hope Village development that will create a new 20-unit subdivision in Modesto.

"Despite the challenging economic times, public-private partnerships such as the Hope Village development are critical to ensuring that working families and individuals, regardless of their income levels, have access to affordable housing," said Rep. Cardoza. "I applaud the Federal Home Loan Bank of San Francisco for granting funds from its Affordable Housing Program to help make this project a reality. This program will continue to increase the supply of affordable housing throughout California."

The Hope Village development received $500,000 in Affordable Housing Program (AHP) grants. FHLBank San Francisco awarded the grants to member institutions, Farmers & Merchants Bank and Oak Valley Community Bank, which used the funding for the Hope Village project. An AHP grant of $200,000 for the first 10-unit phase was awarded to Farmers & Merchants Bank in Round A of 2005. The second phase of 10 additional homes received an AHP grant of $300,000 through FHLBank San Francisco member Oak Valley Community Bank in Round A of 2009.

Kevin Blackburn, Assistant Vice President of the FHLBank San Francisco, also noted that Hope Village is an example of a successful public-private partnership. "Homeownership is the heart of the American dream," Mr. Blackburn said. "By working with our member institutions to make housing affordable, Federal Home Loan Bank of San Francisco brings together public and private entities to build strong communities where working families and individuals can realize their dreams of purchasing homes."

The Hope Village Development is one of 42 projects to receive AHP grants totaling $30.3 million in Round A of the 2009 awards. Designed to be a flexible source of gap financing, the Bank's competitive AHP provides grants to assist in the purchase, construction, or rehabilitation of housing for lower-income households.

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's members -- its shareholders and customers -- are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.

CONTACT: Kevin Blackburn of Federal Home Loan Bank of San Francisco, +1-415-616-2572, blackbur@fhlbsf.com

SOURCE Federal Home Loan Bank of San Francisco

Source: PR Newswire

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