Washington, D.C. – U.S. Senator Cortez Masto (D-Nev.) announced that the Federal Home Loan Bank of San Francisco (FHLB-SF) is directing $4.5 million in targeted funding to the state of Nevada to help build more affordable housing and support down payment assistance. Senator Cortez Masto was instrumental in securing this funding.
Throughout her time in the Senate, Senator Cortez Masto has pushed for Nevada to get its fair share of FHLBank investments including through grants and low-cost loans. She specifically called for and secured this state-specific fund to deliver money for Nevada, leading the entire Nevada delegation in requesting a targeted affordable housing program for the state.
“When I arrived in the Senate, I promised to increase housing investments in our state,” said Senator Cortez Masto. “When I realized that the FHLBank of San Francisco wasn’t providing Nevada it’s fair share of housing investments, I worked hard to hold them accountable. These non-federal funds are an important first step and will help Nevada families buy homes and developers build more affordable housing across the state.”
Senator Cortez Masto has been a leader in the fight to lower housing costs and keep Nevadans in their homes. As Attorney General, she led the fight to hold Big Banks accountable for the foreclosure crisis, delivering $1.9 billion to homeowners in Nevada. In the Senate, she is a reliable champion of affordable housing. Her support for COVID-relief programs provided more than $399 million in emergency rental and utility assistance to thousands of Nevada households. Federal funds she delivered will provide 7,129 new affordable units to Nevada families this year with a similar number expected next year – nearly double the state’s pre-pandemic amount. These federal funds will add to our current inventory of 44,000 subsidized units.