Federal Home Loan Bank of San Francisco Announces Nevada Targeted Fund Grants for Affordable Housing Projects

Strategic Insights -

The Federal Home Loan Bank of San Francisco has announced the recipients of its 2025 Nevada Targeted Fund grants, which will support the creation of over 270 units of affordable housing across the state. The grants are part of the Bank's Affordable Housing Program (AHP) and are being awarded to five projects in Nevada that will provide housing for a range of individuals and families, including those experiencing homelessness, seniors, and individuals with disabilities.

This year marks the third year of the Nevada Targeted Fund, which was developed in collaboration with U.S. Senator Catherine Cortez Masto to address the state's dire need for affordable housing. According to the U.S. Department of Housing and Urban Development, there are only 17 affordable and available rental homes in Nevada for every 100 extremely low-income renter households. The state has the highest number of extremely low-income households in the nation, with many households spending more than 50% of their income on housing costs.

Key Takeaways:

  • The Nevada Targeted Fund has awarded grants to five projects in Nevada, which will create over 270 units of affordable housing across the state.
  • The grants are part of the Federal Home Loan Bank of San Francisco's Affordable Housing Program (AHP) and are being awarded to projects in Reno, North Las Vegas, Las Vegas, and other locations.
  • The projects will provide housing for a range of individuals and families, including those experiencing homelessness, seniors, and individuals with disabilities.
  • The grants are part of a larger effort to address Nevada's dire need for affordable housing, with the state having the highest number of extremely low-income households in the nation.
  • The Nevada Targeted Fund was developed in collaboration with U.S. Senator Catherine Cortez Masto and has been funded by the Federal Home Loan Bank of San Francisco.
  • The grants are bolstered by a $3.7 million allocation in 2025 that supports projects in California and Arizona, and an additional $3.2 million from the Nevada Targeted Fund.
  • Since 1990, the Federal Home Loan Bank of San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units.
  • The Bank is committed to providing resources for affordable housing, with at least 10% of its net income from the prior year committed to fund affordable housing and related community investment programs.

Statistics:

  • Over 270 units of affordable housing will be created across Nevada through the Nevada Targeted Fund grants.
  • There are only 17 affordable and available rental homes in Nevada for every 100 extremely low-income renter households.
  • Nevada has the highest number of extremely low-income households in the nation, with many households spending more than 50% of their income on housing costs.
  • The Federal Home Loan Bank of San Francisco has awarded over $1.4 billion in grants since 1990 for the construction, preservation, or purchase of nearly 155,000 affordable housing units.
  • The Bank has committed at least 10% of its net income from the prior year to fund affordable housing and related community investment programs.

Sources:

  • "Federal Home Loan Bank of San Francisco Awards Grants for Affordable Housing Projects in Nevada", Globe Newswire, July 10, 2025.
  • "Nevada Targeted Fund", Federal Home Loan Bank of San Francisco.
  • "U.S. Department of Housing and Urban Development", HUD.gov.