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- By Tribal Business News Staff
- Real Estate
The Federal Home Loan Bank of San Francisco has expanded funding for housing infrastructure in tribal communities, growing an initial $1 million to $2.8 million.
The funding is for the Tribal Nations Program, which will provide grants to support “critically necessary” projects aimed at increasing affordable housing supply in tribal communities. Money is awarded to tribal housing authorities via sponsorships from member banks. The extra $1.8 million will support three awarded projects:
- Big Valley Bank of Pomo Indians in Lakeport, California will receive $400,000 via Legacy Bank for new housing construction.
- Native American Outreach Ministries Inc. and the NAOMI House in Joseph City, Arizona will receive $600,000 via Clearinghouse CDFI for infrastructure building and housing rehabilitation.
- Washoe Housing Authority in Gardnerville, Nevada will receive $800,000 via Clearinghouse CDFI to bolster housing infrastructure.
“Legacy Bank is proud to work with FHLBank San Francisco on their Tribal Nations Program, supporting the development of Native-led, Native-serving affordable housing,” said James D. Hicken, president and CEO of Legacy Bank. “It is our mission to support the growth and economic strength of tribal communities, and the development of safe, secure housing is vital for advancing the prosperity of these communities.”
The funding joins an existing $1 million that hasn’t yet been awarded. The Tribal Nations Program was initially launched in January 2024 as a new initiative.
The program joins a range of similar efforts at Federal Home Loan Banks across the country, per prior Tribal Business News reporting. In October, the Federal Home Loan Bank of Dallas awarded $1 million to tribal housing projects in New Mexico, Arizona, Mississippi, and Louisiana. In November, the Federal Home Loan Bank of Topeka awarded $5.3 million to projects in Oklahoma, Nebraska, Colorado, and Kansas.
The Federal Home Loan Bank program, which comprises 11 bank cooperatives across the country, allows banks to pool their resources in regional organizations to widen access to housing loans. By law, a portion of that funding must be dedicated to community initiatives. Each of the tribal housing programs making awards this year, however, stems from voluntary commitments made by member banks. FHLBank San Francisco CEO Alanna McCargo said her organization was “proud” to increase funding for the program.
“As all of America grapples with a severe housing crisis, Native American communities are disproportionately affected,” McCargo said in a statement. “Making these additional funds available through our Tribal Nations Program is a critical step for increasing the supply of affordable housing for Native American communities in Arizona, California and Nevada.”
