RENO, NV – In June 2024, the Federal Home Loan Bank of San Francisco (FHLBSF) announced the allocation of $9.4 million in affordable housing grants to developers across Nevada, addressing the state’s critical shortage of affordable housing. Among the recipients, Great Basin Federal Credit Union received its first Affordable Housing Program (AHP) award and has partnered with the American Covenant Senior Housing Foundation, a nonprofit dedicated to providing safe, affordable, and sustainable housing for seniors, families, veterans, and the homeless.
With financial backing from FHLBSF, Great Basin FCU and American Covenant Senior Housing will renovate 24 USDA units at Sunwood Housing in Lovelock. These units, once upgraded, will offer newer one-, two-, and three-bedroom options for very low to low-income households. Residents will benefit from USDA rental assistance programs and proximity to local amenities, including hospitals, parks, and a hardware store.
Great Basin FCU aims to tackle the affordability crisis in Nevada, a state leading the nation in cost-burdened households—those where more than 50% of income is spent on housing and utilities. "The affordability crisis, whether in urban or rural Nevada, impacts all of our families, friends, and neighbors," said Jennifer Denoo, president and CEO of Great Basin Federal Credit Union. "As a proud and active member of FHLBank San Francisco, Great Basin FCU is honored to receive this AHP award."