News Column

Congressman Xavier Becerra Announces $5.3 Million In Affordable Housing Grants For 34th District

June 26, 2014



WASHINGTON, June 26 -- Rep. Xavier Becerra, D-Calif. (34th CD), issued the following news release:

Congressman Xavier Becerra (CA-34) announced today that $5.3 million in Affordable Housing Program (AHP) grants have been awarded by the Federal Home Loan Bank of San Francisco to help finance eight affordable housing projects in the 34th Congressional District. The projects will produce 677 units of low to moderate income housing for families, seniors, veterans, and chronically homeless individuals.

"With Los Angeles facing a critical shortage of affordable housing, this needed investment comes not a moment too soon," said Rep. Becerra. "These grants from the Federal Home Loan Bank of San Francisco will help to increase the supply of affordable housing for low to moderate income families in Los Angeles. I am pleased that my district received substantial funding for eight different low to moderate income housing programs that together will help strengthen our communities by creating affordable housing for working families.''

Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low to moderate income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year. The Federal Home Loan Bank of San Francisco awarded $49.4 million in AHP grants in the Bank's 2014 AHP funding competition. The grants were awarded through 22 of the Bank's members to 76 projects that will construct or rehabilitate 5,055 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Illinois, Nevada, Ohio, Pennsylvania, Texas, and Washington.

"We are working with Rep. Becerra, our member institutions and other local leaders to provide moderate and low-income families with broader housing options at a time when many are families are facing difficult economic hurdles," said Lawrence Parks, Senior Vice President of the FHLBank San Francisco. "By working together, we are making a difference to ensure that families and individuals of all income levels have access to affordable housing.''

Projects receiving AHP funding in the 34th District were:

-Panama Apartments- Sponsored by Single Room Occupancy Housing Corporation, the project will receive $1 million for a 72-unit apartment building for individuals who are chronically homeless and mentally ill. Union Bank, N.A. is the member institution supporting the project.

-Rosslyn Hotel Apartments - Sponsored by West Hollywood Community Housing Corporation, the project will receive $220,000 for a 23-unit low-income, rental development. JPMorgan Bank & Trust Company, NA is the member institution supporting the project.

-Beverly & Lucas - Sponsored by LINC Housing Corporation, the project will receive $1,230,000 for 125 affordable rental units on six blighted parcels of land that will create an intergenerational community serving families and seniors as well as mentally disabled veterans. Banamex USA is the member institution supporting the project.

-Vermont Manzanita -Sponsored by the West Hollywood Community Housing Corporation, the project will receive $390,000 for 40 units of low-income, rental housing in the Koreatown community of Los Angeles. Wells Fargo Financial National Bank is the member institution supporting the project.

-Marmion Way Apartments - Sponsored by PATH Ventures, the project will receive $480,000 for a 49-unit low-income, rental development that will serve chronically homeless families, individuals and veterans. JPMorgan Bank & Trust Company, NA is the member institution supporting the project.

-Norbo Hotel -Sponsored by Skid Row Development Corporation, the project will receive $580,000 for 58 units of low-income, rental housing. It will provide single room occupancy for homeless seniors and those with special needs. Bank of the West is the member institution supporting the project.

-Marion Hotel -Sponsored by Skid Row Development Corporation, the project will receive $460,000 for 46 rental units of housing for very low income homeless seniors and special needs individuals. Bank of the West is the member institution supporting the project.

-Rosslyn Hotel Apartments -Sponsored by Single Room Occupancy Housing Corporation, the project will receive $1 million for 264 units of low-income, rental housing. Union Bank, N.A. is the member institution supporting the project.

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