Reno, Nev. – For years, U.S. Senator Catherine Cortez Masto demanded the nation’s 11 Federal Home Loan Banks – and the Federal Home Loan Bank of San Francisco which serves Nevada – use their resources to invest in housing and community development. This week, the Federal Home Loan Bank of San Francisco (FHLBank-SF) provided the first investment into the Nevada Housing Division’s (NHD) single-family bond program. The $10 million dollar investment will support the Housing Finance Agency’s down payment assistance program that helps Nevadans buy homes they can afford.
“I’ve been pushing the FHLBank of San Francisco for years to do more with all their resources, and I’m glad to see them working with the Nevada Housing Division to support families buying homes in Nevada,” said Senator Cortez Masto. “The FHLBank system was created to support housing, and I expect to see much more investment in Nevada and around the nation in the future.”
Following Senator Cortez Masto’s push, state housing finance agencies, community development financial institutions and other institutions have sought opportunities to benefit from the FHLBs’ $467 billion investment portfolio. Thanks to the Senator’s work to bring attention to this critical housing funding source, Nevada Housing Division and the FHLBank-SF were able to work together and finalize this critical investment – the first of its kind in Nevada.
Senator Cortez Masto has been a leader working to push the FHLBanks to help lower costs and build more housing supply. Last year she secured $9.4 million from the Federal Home Loan Bank (FHLB) of San Francisco’s targeted competitive affordable housing fund — almost twice as much as Nevada received the year before — to build more middle-class homes, and she’s pushing to reform the FHLB system.
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