Dry Creek Rancheria Band of Pomo Indians – Bi’du Khaale
The Bi’du Khaale project aims to construct 24 new affordable housing units for extremely-low and low-income seniors in Cloverdale, California, serving the Dry Creek Rancheria Band of Pomo Indians. The project will include a service coordinator and amenities such as a community building, garden, sports court, playground, and catering kitchen. Green building features, including solar panels, will also be incorporated. The grant was obtained through FHLBank San Francisco’s 2023 AHP General Fund competition for projects.
“We’re incredibly grateful to FHLBank San Francisco for selecting our sponsored projects,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We have long standing, successful working relationships with both the Washoe Housing Authority and Dry Creek Rancheria Band of Pomo Indians and are proud to work with them to build high-quality affordable housing for their communities. The lack of affordable housing has become a longstanding issue in the American West and we are proud that we can work with Indian communities to address this pressing need.”
Under the Federal Home Loan Bank Act, each FHLBank is required to establish an Affordable Housing Program and allocate 10 percent of its earnings to this program. These funds are used to finance the purchase, construction, or rehabilitation of housing for low- or moderate-income households (AMI of 80% or less). Funds may also be utilized for the purchase, construction, or rehabilitation of rental housing where at least 20% of the units are affordable for very low-income households (AMI of 50% or less). FHLBank San Francisco’s Affordable Housing Program General Fund aims to expand access to affordable housing in underserved communities. Grants are awarded annually through a competitive application process to FHLBank San Francisco’s members in collaboration with housing developers and community organizations.
AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves 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 distributed 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.
Since 1990, FHLBank San Francisco has contributed over $1.14 billion in AHP General Fund and Nevada Targeted Fund grants, making them the largest privately-owned source of affordable housing funding in their three-state region.
About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI)
Clearinghouse CDFI addresses unmet credit needs throughout the U.S. and in Indian Country through direct lending, equity investments, and financial assistance. For 27 years, Clearinghouse CDFI has helped bridge the gap between conventional lending standards and the needs of low-income, distressed, and communities of color. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies that meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good.
Clearinghouse CDFI has funded $2.2 billion in total loans for over 2,600 community projects during the past 27 years. These projects have created or retained more than 40,000 jobs and benefit over 3.9 million individuals. Clearinghouse CDFI loans have also resulted in the creation of 12,000 affordable housing units since its inception.
In 2022, 64% of Clearinghouse CDFI financing benefited projects in low-income communities. These projects served 2,686 African American clients, 7,868 Latino/Hispanic clients, and 510 Native American/Native Alaskan clients. Overall, 40% of projects financed in 2022 are minority-owned/controlled or primarily serve a minority population.
More information is available at http://www.ccdfi.com.
Media Contact
Ron Demeter, Partner, Vectis Strategies on behalf of Clearinghouse CDFI, 310-614-1059, [email protected], www.ccdfi.com
SOURCE: Clearinghouse CDFI
