Nevada State Bank, through a partnership with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), recently awarded a $1.5 million grant to the Salvation Army to help renovate a building that provides temporary housing to people enrolled in its vocational and veterans programs. Drew Zidzik, senior vice president and community relations manager for Nevada State Bank, presented the funds to Major Robert Lloyd, former Clark County Coordinator for the Salvation Army.
The Salvation Army’s Lied Vocational Building at 35 W. Owens Avenue in North Las Vegas is less than 10 years old, but because of the constant use of its dormitory-style rooms, bathrooms, and public areas, the three-story facility was badly in need of renovation, especially after deteriorating showers caused severe water leaks. As a member institution of FHLBank San Francisco, Nevada State Bank helped the Salvation Army apply for an Affordable Housing Program (AHP) grant. Their project was one of 94 chosen for funding in the 2013 grant cycle, which awarded $56.6 million in grants to produce or preserve 5,733 units of affordable housing for lower-income individuals and families in Arizona, California, Florida, Maine, Nevada, Ohio, Pennsylvania, Texas, and Washington.
The grant will help fund the $2.2 million renovation, with the remaining $800,000 generated by the Salvation Army’s community fundraising efforts. The project will include repairing the showers, adding common areas on the second and third floors, and renovating the transitional housing rooms, which accommodate up to 128 people. The housing units are reserved for veterans, people in crisis, and students enrolled in the organization’s vocational programs. The ground-floor kitchen, which serves up to 1,500 meals a day to residents and the homeless, will also undergo much-needed improvements.
General contractor for the project is LF Harris Construction. Now that the grant has been awarded, Nevada State Bank’s role is to act as liaison with FHLBank San Francisco, handling all the necessary documentation, funds disbursements and reporting for the two-phase project.
“Nevada State Bank is thrilled to help the Salvation Army continue to provide valuable resources to the community,” said Zidzik. “This renovation project will not only help those served by the Salvation Army, but it will also create jobs, increase construction and consumer spending, and generate new tax revenues in southern Nevada.”
Over the years, Nevada State Bank has assisted many other agencies with funding for low-income housing projects through FHLBank San Francisco. For example, in 2009 Nevada HAND was granted $750,000 to construct Decatur Pines Senior Apartments. A $1 million grant enabled the Las Vegas Rescue Mission to renovate its Men’s Center, a project which was completed in 2011. That same year, Southern Nevada Regional Housing Authority received a $520,000 grant to construct Balzar Senior Apartments.
“Nevada State Bank has long been an active participant in the Federal Home Loan Bank of San Francisco’s community programs,” said Marietta Núñez, Vice President of Community Lending. “Using our Affordable Housing Program, Nevada State Bank has helped create housing opportunities for those who need it most, including veterans and families at risk of becoming homeless. The Salvation Army project is a wonderful example of their dedication to working with others to meet the housing needs of low-income communities in Nevada.”
Nevada State Bank’s commitment to providing assistance for low-income housing includes its participation in the FHLBank San Francisco’s WISH homeownership program, which provides matching subsidies to low-to- moderate-income, first-time homebuyers. Nevada State Bank has also established its own program, called HOPE, which provides down payment assistance up to $5,000 to qualified employees.
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. Each year, the Bank contributes 10% of net income to the Affordable Housing Program, which provides grants to support the acquisition, construction, or preservation of housing affordable to low- to moderate-income families and individuals. The Bank’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.
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