$1.75M in grants boost Valley housing projects

Source: The Business Journal

Four planned affordable housing developments in the San Joaquin Valley were awarded $1.75M in the latest round of grants from the Federal Home Loan Bank of San Francisco. In all, bank members supporting 76 projects throughout the country will see a portion of the $49.4 million in grants as part of the San Francisco bank's 2014 Affordable Housing Program funding competition. Ranging from $25,000 to $1.5 million each, the grants support construction projects like rental housing for low-income families, transitional permanent housing with supportive services for veterans and sustainable developments that will be LEED (Leadership in Energy and Environmental Design) certified or GreenPoint rated. Out of the total, $470,000 will go to Rabobank in Fresno County to help fund the Kingsburg Senior Village being built by the Pacific Southwest Community Development Corporation. The project, which will include 48 rental units for senior residents, aims to achieve gold rating in the U.S. Green Building Council's LEED program. Rabobank will also distribute a grant of $450,000 to the Fresno Housing Authority as it builds the 46-unit Marion Villas Apartments in Kingsburg. Located in Kingsburg's Central Commercial District, the development is close to a grocery store, public library and park and will include a community room with a kitchen and lounge area. Another $800,000 will come from Rabobank as the Fresno Housing Authority rehabilitates the Orange Cove Rental Assistance Project. When complete, the multi-family, scattered-site affordable housing development will have new flooring and windows, exterior paint and roofing as well as upgraded mechanical and electrical systems. The development will also be improved with more than 6,300 square feet of new space for community activities and recreation. In Tulare County, Central Valley Community Bank will funnel its $30,000 grant to Habitat for Humanity as it works on the Building Hope affordable housing community in Porterville. The project will consist of two single-family homes being built using Habitat for Humanity's self-help sweat equity model in which homebuyers are credited for their contributions on building their new homes.

URL to original article: http://www.thebusinessjournal.com/news/banking-and-finance/12715-1-75m-in-grants-boost-valley-housing-projects 

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