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Tri Counties Bank and FHLBank San Francisco Award Over $2.1 Million in Grants Towards Affordable Housing
CHICO, Calif.--(BUSINESS WIRE)-- Tri Counties Bank announced today awards totaling more than $2.1 million in grants to three organizations that qualified for
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[{"type":"text","content":" CHICO, Calif.--(BUSINESS WIRE)--\nTri Counties Bank announced today awards totaling more than $2.1 million in grants to three organizations that qualified for the Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco) Affordable Housing Program General Fund (AHP).\n\nAHP grants are awarded annually to FHLBank San Francisco members working in partnership with affordable housing developers and community organizations. Tri Counties Bank successfully nominated three organizations to be considered for the grants: Collier Avenue (Nice, Calif.), Piper Way Senior Housing (Redding, Calif.), and Siskiyou Crossroads (Yreka, Calif.).\n\nAHP awards are highly competitive, ranked based on an extensive scoring process and granted to the highest-ranking projects. Basic eligibility requirements include projects demonstrating a need for subsidy and both developmental and operational feasibility. Further, rental housing projects must reserve at least 20% of units for households at or below 50% of the HUD area median income (AMI) while owner-occupied housing projects must serve households at or below 80% AMI.\n\n“We congratulate Tri Counties Bank for submitting successful AHP applications for these very important affordable housing developments,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We are proud to partner with members - like Tri Counties Bank - to support organizations on the ground who are working to address pressing affordable housing needs in local communities.”\n\nThese organizations will utilize the AHP grants to help create 149 units of affordable housing to those earning less than 60% AMI, including previously unhoused veterans, extremely low-income seniors, and low-income families and individuals.\n\n“We are fortunate to have FHLBank San Francisco as a partner in our efforts to improve the availability of affordable housing across our communities. These grants, along with the dedicated efforts and partnership of local organizations continues to make an important and positive difference in the lives of veterans and seniors,” said Rick Smith, President and CEO of Tri Counties Bank.\n\nAbout Tri Counties Bank\n\nEstablished in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of ov...