The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is allocating $2 million in Affordable Housing Program (AHP) grants to a pair of Arizona projects designed to create 142 units of affordable housing for seniors.
$1 million was awarded for the new construction of the View Point II Senior Community in Prescott Valley, where 72 units of handicap-adaptable affordable housing is being created by Raza Development Fund and USA Housing Inc. Another $1 million was awarded for the new construction of the San Francisco Square Apartments in Flagstaff, where 70 affordable apartments are being created by Raza Development Fund and Foundation for Senior Living.
“Lack of affordable housing is one of the most intractable problems our country faces today, and vulnerable populations are most at risk of being severely cost-burdened or living unhoused,” said Teresa Bryce Bazemore, CEO and president of FHLBank San Francisco. “And as we’ve seen in Arizona, these problems are even greater for our seniors. Affordable housing is a crisis that can only be solved by consistent, dedicated, and equitable collaboration by a cadre of stakeholders, member institutions, and elected officials all working together to create lasting change. All of us at the Federal Home Loan Bank of San Francisco take great pride in contributing to the solution by awarding $2 million in grants to fund affordable rental housing for Arizona’s senior residents in need of a safe, stable place to call home.”
This is good news. However, it’s just a just a drop in the bucket with affordable housing for seniors being a nationwide problem. Only 142 people will be helped, and that’s only if the rent really is affordable.