WASHINGTON (dpa-AFX) - The Federal Home Loan Bank of San Francisco, called FHLBank San Francisco, has joined with Congresswoman Dina Titus (NV-1) to announce a $1.25 million funding for making affordable houses in the representative's Las Vegas District.
In Las Vegas, the AHP funding will rehabilitate Archie Grant Park, a 125-unit public housing complex that serves seniors and people with disabilities. In the district, the Southern Nevada Regional Housing Authority partnered with Bank member Charles Schwab Bank to secure the AHP grant.
Dina Titus said, 'Access to affordable housing remains a serious problem for the most vulnerable in our community, and this initiative will help those struggling to make ends meet. Every other concern in life looks trivial if you are worried about having a roof over your head.'
The Las Vegas grant is part of a total $51.2 million in Affordable Housing Program or AHP grants given by the bank to 60 projects in six states. With these funding, 5,134 units of housing will be constructed or rehabilitated for lower-income families and individuals. The six states are Arizona, California, Maryland, Michigan, Nevada, and Texas.
Each year, the Bank provides for 10 percent of its earnings to fund the AHP to help lower-income households. Since 1990, it has awarded over $1.1 billion in the program to support the construction, rehabilitation, or purchase of nearly 142,000 units.
Affordable housing is said to be a major crisis in the United States. A new study by ATTOM Data Solutions found that the median home prices in the first quarter were not affordable for average wage earners in 335 of 473 U.S. counties that were analyzed in the report.
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