FHLBank San Francisco Invests $52.6 Million to Preserve Affordable Housing in San Francisco

SAN FRANCISCO, June 26, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced a $52.6 million investment in a Fannie Mae bond issuance that will support the continuing affordability of 230 housing units for very low-income residents living near Fisherman’s Wharf in San Francisco.

“With the authority FHLBanks have to make prudent investments in mission-consistent securities, we are proud to be able to support the affordability of these local and much-needed housing units,” said Joe Amato, interim president and CEO of FHLBank San Francisco. “This investment aligns with our mission to be a reliable supplier of low-cost liquidity to our member financial institutions and deliver resources that supports affordable housing and community investment in our region. Consistent with our obligation to our mission, we will continue to seek opportunities to invest in the creation, development, and purchase of affordable housing in the communities our members serve."

According to the National Low Income Housing Coalition, there is a deficit of nearly 170,000 affordable rental homes available for households earning 50% or below the area median income in the San Francisco metro area. Housing experts emphasize that investments like this are essential to meeting the regions urgent housing needs.

"Preserving existing affordable housing has to be a critical component of any strategy to address the Bay Area's current housing crisis,” said Ben Metcalf, managing director at UC Berkeley’s Terner Center for Housing Innovation. “However, the scale of the problem is such that we simply can't get there unless institutional capital providers step up to the plate in a big way. That's why FHLBank San Francisco's bond purchase in San Francisco is so significant."

FHLBank San Francisco’s $52.6 million investment to maintain affordability of the homes in the Wharf Plaza I and II buildings near Fisherman’s Wharf in San Francisco follows a $10 million investment in Nevada Housing Division Mortgage Revenue Bonds earlier this year to support low- and moderate-income first-time homebuyer downpayment assistance programs.

FHLBank San Francisco partners with its member financial institutions to support affordable housing initiatives throughout its three-state region of Arizona, California, Nevada, and other areas where its members do business. Since 1990, FHLBank San Francisco has provided affordable housing and downpayment assistance grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.

About Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

Contact:

Tom Flannigan

tom.flannigan@fhlbsf.com

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