FHLBank San Francisco Awards $5.1 Million in Grants for Affordable Housing in Nevada

SAN FRANCISCO, July 10, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $5.1 million in affordable housing grants awarded to Nevada-based affordable housing developers through its Affordable Housing Program (AHP) Nevada Targeted Fund. The grants are being awarded to five projects in Nevada that will collectively create over 270 units of new affordable housing throughout the state.

“The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,” said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. “As one of the nation’s least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We’re proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.”

This year marks the third year of the Nevada Targeted Fund, which was developed in collaboration with U.S. Senator Catherine Cortez Masto of Nevada to innovate meaningful solutions to encourage and fund needed affordable housing projects. To address the dire need in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund, the first state-targeted fund in the FHLBank System, to specifically fund affordable housing projects in Nevada. According to the National Low Income Housing Coalition, the supply of affordable and available rental homes in Nevada is 17 for every 100 extremely low-income renter households. Nevada is the state with the most extremely low-income households in the nation, earning between 0% to 30% of area median income who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities.

“I appreciate that the Federal Home Loan Bank of San Francisco continues to support the Nevada Targeted Fund,” said Senator Cortez Masto. “I’m proud of the partnership that we have built with the Bank to address housing needs in the Silver State, and I will continue to seek opportunities for the FHLBank to use its resources to meet more of our housing and community development needs.”

AHP General Fund and Nevada Targeted Fund grants help finance the development, preservation, or purchase of affordable multifamily and single-family housing for people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition.

The 2025 AHP Nevada Targeted Fund grants will fund the following five new construction projects across Nevada:

1. Reno: Truckee Meadows Housing Solutions’ Gen Den Intergenerational Housing will create an intergenerational community with 10 new units, in collaboration with FHLBank San Francisco member Clearinghouse CDFI.
2. North Las Vegas: Foresight Housing Partners’ PuraVida Senior Living will construct 74 new affordable apartment units that prioritize accessibility and ADA compliance for very-low-income seniors, in collaboration with FHLBank San Francisco member Town and Country Bank.
3. Las Vegas: Nevada H.A.N.D., Inc.’s Southern Pines Apartments will create 48 new units of housing for families and individuals with on-site social services and recreational programs, in collaboration with FHLBank San Francisco member Wells Fargo National Bank West.
4. Las Vegas: Walter Hoving Home, Inc.’s Las Vegas Expansion project will create a new residential recovery facility for women and families, in collaboration with FHLBank San Francisco member City National Bank.
5. Las Vegas: Blind Center of Nevada’s Visions Park will provide new critical housing for the blind and visually impaired, in collaboration with FHLBank San Francisco member Western Alliance Bank.

“At Western Alliance Bank, we are honored to play a role in increasing affordable housing options for people in communities across our national footprint,” said Aidan Tracey, assistant vice president of portfolio management for Western Alliance Bank’s Affordable Housing Investments Group. “Visions Park is an exciting opportunity to create and sustain innovative supportive housing for people who are visually impaired. We are pleased that we could work with the Federal Home Loan Bank of San Francisco and support the Blind Center of Nevada in bringing this project to life to make Las Vegas a better place to live for those with vision loss.”

In 2025, FHLBank San Francisco awarded nearly $50 million in AHP grants, including funding from its 2025 AHP General Fund for projects in California and Arizona, and from its 2025 Nevada Targeted Fund for projects in Nevada. Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing approximately $8.3 billion in grant funding for affordable housing and helping more than one million households purchase or preserve a home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco’s mission, with at least 10% of the Bank’s net income from the prior year committed to fund affordable housing and related community investment programs.

Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank’s website.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions —propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

Contact:

Tom Flannigan
[email protected]
415.616.2695

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