Cortez Masto Secures Over $6 Million in Funding for Affordable Housing in Nevada

Washington, D.C. - Today, U.S. Senator Catherine Cortez Masto (D-Nev.) applauded news that that the Federal Home Loan Bank (FHLBank) of San Francisco has awarded $6.2 million in funding to help build affordable housing units throughout Nevada. Senator Cortez Masto has consistently encouraged the FHLBank of San Francisco to invest in housing for Nevadans, and she is proud to have secured these Affordable Housing Program Nevada Targeted Fund grants to create or preserve 218 housing units across six projects.

"Every family in Nevada deserves to have a safe, affordable place to call home. This critical funding gets us one step closer to achieving that goal," said Senator Cortez Masto. "I look forward continuing to work with Federal Home Loan Bank of San Francisco to invest in communities throughout the Silver State."

"We are proud to support projects that strengthen communities and increase access to stable, affordable housing throughout Nevada," said Tom Dapice, community investment officer at FHLBank San Francisco. "Through our collaboration with Senator Cortez Masto, our member financial institutions, and affordable housing developers across the state, these grants will help create and preserve affordable homes for Nevada families, seniors, and other residents who need them most."

Recently, the FHLBank of San Francisco has been making historic investments in affordable housing throughout Nevada. This year, the FHLBank invested 20 percent of its income in affordable housing and other voluntary programs, double the required 10 percent. In addition to these six grants, the FHLBank also invested $27 million in Nevada Housing Division bonds so far this year. It has also provided Nevadans more than five million dollars in grants for downpayment assistance and Tribal investments. Senator Cortez Masto will continue to collaborate with her partners at the FHLBank and its members and stakeholders to increase the supply of homes available to working Nevadans.

More detailed information about the projects receiving the FHLBank funding can be found here and here.

For years, Senator Cortez Masto has encouraged the nation's 11 FHLBanks use their resources to invest in housing and community development. Following her push, banks, credit unions, state housing finance agencies, community development financial institutions (CDFIs), and other similar organizations have sought more opportunities to benefit from this government-sponsored enterprise. Thanks to Cortez Masto's efforts, the FHLBanks have invested more than 90 million dollars in affordable housing in Nevada. Cortez Masto has also introduced legislation to enable CDFIs and credit unions to finance more community development investments.

###