FHLBank San Francisco Invests $10 Million to Preserve Affordable Housing in Arizona

SAN FRANCISCO, Aug. 12, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced a $10 million investment in a Freddie Mac bond issuance that will support the continuing affordability of 436 housing units for low-income residents in Phoenix.

“We are proud to be able to support these much-needed affordable housing units by investing in mission-consistent securities that benefit people and communities in our region,” said Joe Amato, interim president and CEO of FHLBank San Francisco. “Consistent with our commitment to provide reliable low-cost liquidity to our members and deliver resources to support affordable housing and community investment, we will continue to seek opportunities to invest in preserving the affordability of housing in Arizona and in other communities we and our members serve."

FHLBank San Francisco’s $10 million investment to support affordable housing in Phoenix follows other significant investments to help develop affordable housing in its region, including $6.7 million in Affordable Housing Program (AHP) grants recently awarded for projects in Arizona that will create over 200 units of housing for lower-income families and individuals across the Copper State in Flagstaff, Prescott, Tucson, and at two sites on the Tohono O’odham Nation Reservation. These grants are part of the nearly $50 million in AHP grants awarded in the 2025 funding competition through the AHP General Fund and the AHP Nevada Targeted Fund.

According to the “State of Housing in Arizona Report” from Arizona State University, rents in Arizona increased by 72% from 2010 to 2022. To afford a two bedroom home, minimum wage workers would need to work 86 hours per week or have more than two full-time jobs to cover costs. Furthermore, the report showed that in 2022, nearly half of all renters in Arizona were cost-burdened, the highest percentage of cost-burden since 2010. The “State of Housing in Arizona Report” was released in 2024 and funded through an award by the U.S. Department of Housing and Urban Development.

FHLBank San Francisco partners with its member financial institutions to support affordable housing initiatives throughout its three-state region of Arizona, California, Nevada, and other areas where its members do business. Since the AHP was created in 1990, FHLBank San Francisco has awarded over $1.4 billion in AHP grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.

About Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

Contact:
Tom Flannigan
tom.flannigan@fhlbsf.com

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