SAN FRANCISCO, July 07, 2026 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $7.7 million in Affordable Housing Program (AHP) General Fund grants to support the development of affordable housing in Arizona. This year's awarded grants represent nearly a $1 million increase in funding for Arizona over last year and will help address the critical shortage of affordable housing in the Copper state.
The 2026 AHP grants will support five Arizona developments that will collectively create 292 units of affordable housing in Mesa, Camp Verde, Prescott Valley, and Yuma. The projects will serve seniors, low-income families, tribal communities, people with disabilities, and individuals who were formerly unhoused.
“Addressing the critical need for affordable housing requires strategic investments and strong local partnerships,” said Winthrop Watson, interim president and CEO of FHLBank San Francisco. “By working with our member financial institutions and housing developers, we are helping expand the supply of affordable housing that will create lasting benefits for individuals, families, and communities across Arizona.”
The 2026 AHP Arizona-based General Fund grants will support the following projects:
- Mesa, Ariz.: John 1334 Ministries’ Eden Village of Arizona will create 21 units of permanent supportive housing in tiny homes for formerly unhoused individuals with disabilities. The $630,000 AHP grant will be delivered through FHLBank San Francisco member Gateway Commercial Bank.
- Camp Verde, Ariz.: Yavapai-Apache Nation Tribal Housing’s Yavapai Apache Homes X project will construct 37 single-family homes for low-income families on tribal trust land in Yavapai County. The $1.65 million AHP grant will be delivered through FHLBank San Francisco member Western Alliance Bank.
- Prescott Valley, Ariz.: County Corp Housing’s Desert Bloom Place will create 60 affordable homes for seniors living in a rural community. The $1.8 million AHP grant will be delivered through FHLBank San Francisco member Raza Development Fund.
- Prescott Valley, Ariz.: USA Housing, Inc.’s Sungate Villa III Senior Community will create 54 new affordable rental homes for seniors 62 and older, helping residents age in place. The $1.62 million AHP grant will be delivered through FHLBank San Francisco member Raza Development Fund, Inc.
- Yuma, Ariz.: Crossroads Mission’s Center of Hope will construct 120 units of transitional housing for very low- and extremely low-income individuals who were formerly unhoused. The $2 million AHP grant will be delivered through FHLBank San Francisco member OneAZ Credit Union.
“At OneAZ Credit Union, we are proud to deliver a $2 million AHP grant to the Crossroads Mission that will help boost the supply of affordable housing in Arizona with the Center for Hope project,” said Mike Boden, president & CEO at OneAZ Credit Union. “The redevelopment of this site that was once a shelter has required the support of many local stakeholders and funders, and we are pleased that we could work with the Federal Home Loan Bank of San Francisco to award this funding that is helping move the project forward and will support long-term stability and self-sufficiency for its residents.”
According to the National Low Income Housing Coalition, Arizona is in need of over 130,000 affordable and available housing units to meet the needs of the state’s population of extremely low-income renter households.
AHP grants help finance the development, preservation or purchase of multifamily and single-family housing for lower-income people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. AHP-funded projects represent a wide range of strategies and solutions, from rehabilitation and adaptive reuse to new construction and modular development.
Since 1990, FHLBank San Francisco has awarded $1.48 billion in grants for the construction, preservation, or purchase of nearly 160,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing over $9 billion in grant funding for affordable housing and helping more than 1 million households purchase or preserve a home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco’s mission, with at least 10% of the Bank’s net income from the prior year committed to fund affordable housing and related community investment programs.
Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the FHLBank San Francisco website at FHLBSF.com.
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: Chris Hammond hammondc@fhlbsf.com
