The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced $66.3 million this week in Affordable Housing Program (AHP) grants, delivered in partnership with its member financial institutions, to support 45 affordable housing developments across California, Nevada, and Arizona.

The awards will help create nearly 2,900 homes for low-income households.

“At FHLBank San Francisco, we work closely with our member financial institutions to support solutions that increase the supply of affordable housing across California, Nevada, and Arizona,” said Winthrop Watson, interim president and CEO of FHLBank San Francisco. “Through these partnerships, we help provide reliable funding for the production and preservation of affordable housing, expanding housing opportunity and helping more individuals and families access an affordable, stable place to call home.”

This year’s AHP awards represent a significant increase over 2025, with $16.6 million more in funding supporting 14 additional developments and approximately 850 more affordable homes across the Bank’s three-state region. The awards reflect the Bank’s continued commitment to expanding housing supply and supporting its members and communities.

The grants were awarded through the Bank’s 2026 AHP funding competition, which drew 125 applications from member financial institutions, demonstrating strong demand for AHP funding and its important role in advancing affordable housing development. Projects sponsored by 24 member institutions were recommended for funding, including three member institutions receiving AHP awards for the first time, expanding participation in the program.

The 2026 awards include:

• $60.1 million through the AHP General Fund, supporting 39 projects that will create nearly 2,700 affordable homes across California and Arizona.
• $6.2 million through the Nevada Targeted Fund, supporting six projects that will create 218 affordable homes in the state of Nevada.

Together, these investments advance the Bank’s mission to expand housing supply and affordability, while also strengthening communities across its district.

This year’s AHP awards are helping address a range of pressing housing challenges across the region, including:

• Housing for seniors: More than $20 million was awarded to 12 developments that will create more than 750 housing units for seniors.
• Mixed-income communities: $17.9 million was awarded for 12 developments that will create housing serving a range of households, including three projects with market-rate units.
• Supportive housing: $27.9 million was awarded to 19 developments that will create 944 homes for formerly unhoused individuals and families, with access to supportive services.

Since the program’s inception in 1990, FHLBank San Francisco has awarded $1.48 billion in AHP grants, helping to support the development of nearly 160,000 affordable homes across its district.

The Affordable Housing Program (AHP) is the Federal Home Loan Bank System’s primary source of grant funding for affordable housing. Through the program, FHLBank San Francisco partners with its member financial institutions and community-based organizations to support the construction, preservation and rehabilitation of affordable housing.

Research shows AHP-supported developments contribute to local economies by creating jobs, increasing consumer spending, and generating tax revenue. Learn more about the people and communities that have benefited from access to AHP-funded affordable housing, and find a complete list of the 2026 AHP grants at fhlbsf.com.