FHLBank San Francisco Awards $6.2 Million in Grants for Affordable Housing in Nevada

Grants from the Nevada Targeted Fund will add 218 units of affordable housing in the Silver State

SAN FRANCISCO, July 07, 2026 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $6.2 million in grants awarded to affordable housing developers through its Affordable Housing Program (AHP) Nevada Targeted Fund, marking a more than $1 million increase in funding above the prior year. The grants are being awarded to six projects in Nevada that will collectively create 218 units of new affordable housing throughout the Silver state.  

“Communities across the country continue to face a serious shortage of affordable housing, and the challenge is especially pronounced in Nevada,” said Winthrop Watson, interim president and CEO of FHLBank San Francisco. “By supporting these six developments, we are helping address distinct housing needs in urban and rural communities across the state while expanding access to safe, stable, and affordable homes for Nevada residents.”

The Nevada Targeted Fund was created by FHLBank San Francisco in 2023 to help address the state’s affordable housing shortage. Since its inception, the Nevada Targeted Fund has awarded over $24 million in funding for two dozen projects, supporting development of over 1,330 housing units. According to the National Low Income Housing Coalition, Nevada is in need of over 78,000 affordable and available housing units to meet the acute needs of the state’s population of extremely low-income renter households.

AHP General Fund and Nevada Targeted Fund grants help finance the development, preservation, or purchase of affordable multifamily and single-family housing for 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. FHLBank San Francisco member institutions partner with nonprofits and affordable housing developers to submit applications for specific projects through an annual funding competition.

The 2026 AHP Nevada Targeted Fund will support the following six new construction projects across Nevada: 

1. Las Vegas: The second phase of the Southern Nevada Regional Housing Authority’s Marble Manor redevelopment will create 50 homes, including 32 affordable units and 18 market-rate units for existing residents and other low- to moderate-income households. FHLBank San Francisco member Western Alliance Bank will deliver a $1.25 million Nevada Targeted Fund grant for the project.
2. Las Vegas: Nevada H.A.N.D., Inc.’s Ogden Pines project will create 51 apartments in downtown Las Vegas for low-income families and individuals, including 39 income-restricted units and 12 unrestricted units. FHLBank San Francisco member Toyota Financial Savings Bank will deliver a $744,000 Nevada Targeted Fund grant for the project.
3. Las Vegas: Nevada H.A.N.D., Inc.’s four-story Serene Pines development will create 50 homes, including 42 affordable units for low-income older adults, with onsite wraparound services focused on financial stability, health, and wellness. FHLBank San Francisco member Wells Fargo National Bank West will deliver a $1.2 million Nevada Targeted Fund grant for the project.
4. Reno: The Housing Authority of the City of Reno’s Reno Avenue Development, in the historic Old Southwest neighborhood, will create 40 one- and two-bedroom affordable rental homes supported by project-based vouchers for families earning 50% to 60% of area median income. FHLBank San Francisco member Wells Fargo National Bank West will deliver a $1.2 million Nevada Targeted Fund grant for the project.
5. Reno: The Housing Authority of the City of Reno’s Carville Court Development will create 15 one-bedroom apartments of permanent supportive housing for formerly unhoused individuals. FHLBank San Francisco member Clearinghouse Community Development Financial Institution will deliver a $600,000 Nevada Targeted Fund grant for the project.
6. Mesquite: Wisconsin Partnership for Housing Development’s Falcon Ridge Heights will create 50 affordable rental homes for adults 55 and older earning 30% to 60% of area median income. FHLBank San Francisco member City National Bank will deliver a $1.25 million Nevada Targeted Fund grant for the project.
   
   

One of the funded projects, Ogden Pines in downtown Las Vegas, reflects the role member institutions play in connecting AHP resources with local affordable housing developments.

“At Toyota Financial Savings Bank, we are proud to deliver an AHP Nevada Targeted Fund grant to Nevada H.A.N.D. to help boost the supply of affordable housing in Las Vegas,” said Tellis Bethel, chief executive officer with Toyota Financial Savings Bank. “The development of Ogden Pines is a massive undertaking that 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 change the lives of its residents for the better.”

In 2026, FHLBank San Francisco awarded a total of $66.3 million in AHP grants, including funding from its 2026 AHP General Fund for projects in California and Arizona, and from its 2026 Nevada Targeted Fund for projects in Nevada.

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.   

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 2026 AHP grant recipients 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

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