The Federal Home Loan Bank of San Francisco (FHLBSF) has announced grants totaling $61.8 million in support of affordable housing projects in California, Arizona, and Nevada.

FHLBSF awarded funding to 25 partner organizations, including six community development financial institutions (CDFIs) to finance 59 projects. A total of $49.3 million was awarded to develop 3,105 units of affordable housing in California with 93 units designated for previously unhoused veterans; $3.1 million in Arizona to construct housing for low-income families, including units to house elderly residents of the Pascua Yaqui Reservation; and $9.4 million for nine projects in Nevada to build 600 units for seniors and low-income families as well as members of the Fallon Paiute Shoshone Tribe. The grants awarded in Nevada represent a 94 percent increase in funding from 2023.

According to the bank, the national housing affordability crisis—with only 34 affordable homes available for every 100 low-income households—is far worse in California and Arizona with just 24 homes available for every 100 low-income households and Nevada with a scant 14 homes available per 100 households.

“Housing is a human right, and partners like FHLBank San Francisco understand that,” said U.S. Senator Alex Padilla of California. “While more investments are needed to increase housing supply, this new round of funding is a step in the right direction to address the affordable housing and homelessness crisis that affects millions.”

(Photo credit: Getty Images/L Pettet)