The Program grants will subsidize residential development for low-to-moderate income families and individuals across the nation, especially in California, Arizona, Nevada, Florida, Illinois and New Jersey. Officials project that about 3,189 owner-occupied and rental housing g units will be funded by the grants.

The Affordable Housing Program is a competitive grant program where community-based housing developers submit applications for specific projects. Grants are awarded twice a year. In the past 11 years the Federal Home Loan Bank has awarded more than $217 million in subsides to help created about 45,000 units of housing. Last year Arizona, California and Nevada 32.2 million to fund 117 projects in Arizona, California and Nevada.

The Bank was among the largest funding sources for the recently opened Ohlone Chynoweth Commons development in San Jose, which included 194 apartments, a community center, a day care program and 4,000 sf of retail space for small businesses.

A $16.6 million bond issued by the city and backed by a letter of credit from the Federal Home Loan Ban of San Francisco funded the development. The project sponsor, Eden Housing, Inc., a nonprofit corporation, and several organizations and financial institutions including the City of San Jose, the Santa Clara County Transit Authority, Wells Fargo Bank and Bay View Bank were involved with the development.