Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) secured $5.1 million from the Federal Home Loan Bank (FHLBank) of San Francisco to assist with the construction or preservation of 273 affordable housing units in Nevada. This funding follows a push by Cortez Masto to ensure that the FHLBank of San Francisco live up to its mission of funding housing for working families and supporting community development.
“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.”
“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.”
The FHLBank will provide gap funding for the following projects:
- Construction of Visions Park (Blind Center of Nevada): A 100-unit affordable housing complex in Las Vegas for people who are blind and visually impaired. ($1,250,000 grant)
- Expansion of Hoving Home Las Vegas (Walter Hoving Home, Inc.): A residential non-profit organization serving women recovering from addiction. ($1,250,000 grant)
- Construction of PuraVida Senior Living (Foresight Housing Partners): A 74-unit, 14-building affordable housing community in North Las Vegas for seniors. ($1,117,295 grant)
- Construction of Southern Pines (Nevada H.A.N.D. Inc.): A 240-unit affordable housing complex in Las Vegas for low-income families. ($960,000 grant)
- Construction of The Gen Den Intergenerational Housing (Truckee Meadows Housing Solutions):Affordable housing for young adults and seniors in Reno. ($500,000 grant)
Throughout her time representing Nevada, Senator Cortez Masto has made reforming the FHLBanks a cornerstone of her work. Senator Cortez Masto has highlighted the fact that Nevada has been treated unfairly by the system. She sought critical investment in Nevada by the FHLBank of San Francisco, resulting in the first-in-the nation targeted Affordable Housing Program for the state.
Following a 2022 letter Senator Cortez Masto sent to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, the FHFA announced a review of the Federal Home Loan Bank system. In late 2023, the FHFA released a comprehensive report calling for mission-focused reform of the FHLBanks. Last year, Cortez Masto sent letters to each of the 11 FHLBanks urging them to contribute at least 20% of their net income to affordable housing and other community grant programs.
In response to years of Senator Cortez Masto’s work, the FHLBank of San Francisco has increased its investment in Nevada, including by making this $5.1 million award and supporting other investments. Earlier this year, the senator secured a $10 million investment from the FHLBank of San Francisco into the Nevada Housing Division’s (NHD) single-family bond program. Thanks to pressure by Cortez Masto, the FHLBank System also invested $528 million in voluntary contributions for housing and economic development across the country in 2024, less than the Senator and others requested but more than the minimum from prior years. Senator Cortez Masto maintains that the FHLBanks should use their resources to meet their mission requirements by financing housing and community development projects nationwide.
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