U.S. Senator Catherine Cortez Masto (D-Nev.) secured $5.1M from the Federal Home Loan Bank of San Francisco to assist with the construction or preservation of 273 affordable housing units in Nevada. This funding follows a push by Cortez Masto to ensure that the FHLBank of San Francisco lives up to its mission of funding housing for working families and supporting community development.
“The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,” said Joseph E. Amato, interim president and CEO of FHLBank San Francisco.“As one of the nation’s least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We’re proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.”
The FHLBank will provide gap funding for the following projects:
- Construction of Visions Park (Blind Center of Nevada): A 100-unit affordable housing complex in Las Vegas for people who are blind and visually impaired. ($1.25M grant);
- Expansion of Hoving Home Las Vegas (Walter Hoving Home, Inc.): A residential non-profit organization serving women recovering from addiction. ($1.25M grant);
- Construction of PuraVida Senior Living (Foresight Housing Partners): A 74-unit, 14-building affordable housing community in North Las Vegas for seniors. ($1,117,295 grant);
- Construction of Southern Pines (Nevada H.A.N.D. Inc.): A 240-unit affordable housing complex in Las Vegas for low-income families. ($960K grant), and
- Construction of The Gen Den Intergenerational Housing (Truckee Meadows Housing Solutions): Affordable housing for young adults and seniors in Reno. ($500K grant).
Throughout her time representing Nevada, Senator Cortez Masto has made reforming the FHLBanks a cornerstone of her work. Senator Cortez Masto has highlighted the fact that Nevada has been treated unfairly by the system. She sought critical investment in Nevada by the FHLBank of San Francisco, resulting in the first-in-the-nation targeted Affordable Housing Program for the state. (Source)