Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto announced a $15 million investment into the Nevada Housing Division’s (NHD) single-family bond program from the Federal Home Loan Bank (FHLBank) of San Francisco. This investment will support the Housing Finance Agency’s down payment assistance program that helps Nevadans buy homes they can afford.
“After my yearslong push, it is gratifying to see the Federal Home Loan Bank of San Francisco finally investing more of their vast resources into programs that help working families in Nevada find homes they can afford,” said Senator Cortez Masto. “I look forward to future collaboration between the State of Nevada and the FHLBank of San Francisco.”
For years, Senator Catherine Cortez Masto has demanded that the nation’s 11 FHLBanks use their resources to invest in housing and community development. Following her push, state housing finance agencies, community development financial institutions, and other similar organizations have sought opportunities to benefit from the FHLBank’s $467 billion investment portfolio. Earlier this year, thanks to Cortez Masto’s work, the FHLBank made a first-of-its kind $10 million investment in the NHD’s single-family bond program. With today’s added $15 million investment, Senator Cortez Masto has now secured $25 million in investments for the NHD’s single-family program from the FHLBank this year.
Senator Cortez Masto has been a leader working to push the FHLBanks to help lower costs and build more housing supply. Last year she secured $9.4 million from the Federal Home Loan Bank (FHLB) of San Francisco’s targeted competitive affordable housing fund — almost twice as much as Nevada received the year before — to build more middle-class homes, and she’s pushing to reform the FHLB system.
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