Las Vegas, Nev. – U.S. Senator Catherine Cortez Masto (D-Nev.) today convened a workshop to increase grant funding from the Federal Home Loan Bank of San Francisco (FHLB-SF) to affordable housing and community development projects in Nevada. Despite facing an affordable housing crisis, Nevada has received only a small fraction of the bank’s affordable housing grants.
This event brought together FHLB-SF representatives and local stakeholders – including affordable housing groups and developers, banks and credit unions, and local government officials – to discuss how to improve funding outcomes in 2020 and beyond.
“Nevada is in the midst of an affordable housing crisis, and we need all hands on deck. Today’s workshop connected Nevadans working to address this crisis with a critical partner in the Federal Home Loan Bank of San Francisco. I’m grateful to the leadership of the FHLBank of San Francisco for organizing this event, and I urge them to do more to support Nevada’s stakeholders to ensure that Nevada is getting its fair share of grant funding.”
BACKGROUND:
The Federal Home Loan Bank of San Francisco is a government-sponsored bank cooperative, serving Arizona, California and Nevada, that supports mortgage lending and community development. Nevada has been historically underserved by the FHLB-SF, receiving only 2.4% of the bank’s competitive Affordable Housing Program (AHP) grant funds this year, despite representing over 6% of the population in the FHLB-SF’s district. By comparison, Michigan and Texas each received more competitive AHP grant funds this year than Nevada even though these states are located outside of the FHLB-SF’s district.
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