Modesto Gospel Mission Receives Approval on $2 Million Affordable Housing Program (AHP) Grant Submitted Through Oak Valley Community Bank
Oak Valley Community Bank (OVCB), a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that the Federal Home Loan Bank of San Francisco has awarded Modesto Gospel Mission (MGM) a $2 million AHP grant for 2024. This funding will support MGM's Restoration Woods project, which aims to rehabilitate existing transitional housing and provide supportive services for 134 individuals in need.
The grant will be used for substantial rehabilitation and construction of housing units offering both short-term emergency shelter and longer-term housing solutions. Residents will have access to case management, financial education, and on-site amenities. This grant is part of a larger $61.8 million funding competition by the FHLB of San Francisco, which will aid in constructing nearly 4,000 affordable housing units across Arizona, California, and Nevada.
Oak Valley Community Bank (OVCB), una filiale di Oak Valley Bancorp (NASDAQ: OVLY), ha annunciato che la Federal Home Loan Bank di San Francisco ha concessa alla Modesto Gospel Mission (MGM) un contributo AHP di 2 milioni di dollari per il 2024. Questo finanziamento supporterà il progetto Restoration Woods di MGM, che mira a riabilitare alloggi transitori esistenti e fornire servizi di supporto per 134 persone bisognose.
Il contributo sarà utilizzato per la sostanziale riabilitazione e costruzione di unità abitative che offriranno sia un rifugio di emergenza a breve termine sia soluzioni abitative a lungo termine. I residenti avranno accesso alla gestione dei casi, all'educazione finanziaria e ai servizi on-site. Questo contributo è parte di una più ampia competizione di finanziamento di 61,8 milioni di dollari da parte della FHLB di San Francisco, che aiuterà nella costruzione di quasi 4.000 unità abitative accessibili in Arizona, California e Nevada.
Oak Valley Community Bank (OVCB), una subsidiaria de Oak Valley Bancorp (NASDAQ: OVLY), anunció que la Federal Home Loan Bank de San Francisco ha otorgado a Modesto Gospel Mission (MGM) una subvención AHP de 2 millones de dólares para 2024. Este financiamiento apoyará el proyecto Restoration Woods de MGM, que tiene como objetivo rehabilitar viviendas transitorias existentes y proporcionar servicios de apoyo para 134 personas necesitadas.
La subvención se utilizará para la rehabilitación sustancial y construcción de unidades de vivienda que ofrecerán tanto refugio de emergencia a corto plazo como soluciones de vivienda a largo plazo. Los residentes tendrán acceso a gestión de casos, educación financiera y comodidades en el lugar. Esta subvención es parte de una competencia de financiamiento de 61,8 millones de dólares por parte de la FHLB de San Francisco, la cual ayudará en la construcción de casi 4,000 unidades de vivienda asequible en Arizona, California y Nevada.
오크 밸리 커뮤니티 은행(OVCB)은 오크 밸리 밴코프(NASDAQ: OVLY)의 자회사로, 샌프란시스코 연방 주택 대출 은행이 모데스토 복음 선교회(MGM)에 200만 달러 AHP 보조금을 2024년을 위해 수여했다고 발표했습니다. 이 자금은 MGM의 레스토레이션 우드 프로젝트를 지원하며, 이는 기존의 전환 주택을 재활하고 134명의 도움이 필요한 개인을 위한 지원 서비스를 제공하는 것을 목표로 합니다.
이 보조금은 단기 비상 대피소와 장기 주거 솔루션을 제공하는 주택 유닛의 상당한 재활 및 건축에 사용됩니다. 거주자는 사례 관리, 재정 교육 및 현장 편의시설에 접근할 수 있습니다. 이 보조금은 샌프란시스코 FHLB에서 진행하는 6180만 달러의 대규모 자금 지원 공모의 일환으로, 아리조나, 캘리포니아, 네바다 전역에 걸쳐 거의 4,000개의 저렴한 주거 유닛을 건설하는 데 도움을 줄 것입니다.
Oak Valley Community Bank (OVCB), une filiale de Oak Valley Bancorp (NASDAQ: OVLY), a annoncé que la Federal Home Loan Bank de San Francisco a accordé à Modesto Gospel Mission (MGM) une subvention AHP de 2 millions de dollars pour 2024. Ce financement soutiendra le projet Restoration Woods de MGM, qui vise à réhabiliter des logements transitoires existants et à fournir des services de soutien pour 134 personnes dans le besoin.
La subvention sera utilisée pour la réhabilitation substantielle et la construction d'unités de logement offrant à la fois un abri d'urgence à court terme et des solutions de logement à long terme. Les résidents auront accès à la gestion de cas, à l'éducation financière et à des commodités sur place. Cette subvention fait partie d'une compétition de financement plus large de 61,8 millions de dollars par la FHLB de San Francisco, qui aidera à construire près de 4 000 unités de logement abordables en Arizona, en Californie et au Nevada.
Die Oak Valley Community Bank (OVCB), eine Tochtergesellschaft von Oak Valley Bancorp (NASDAQ: OVLY), hat bekannt gegeben, dass die Federal Home Loan Bank von San Francisco der Modesto Gospel Mission (MGM) einen AHP-Zuschuss von 2 Millionen Dollar für 2024 gewährt hat. Diese Mittel werden das Restoration Woods-Projekt von MGM unterstützen, das darauf abzielt, vorhandene Übergangswohnungen zu rehabilitieren und unterstützende Dienstleistungen für 134 bedürftige Personen bereitzustellen.
Der Zuschuss wird für die umfassende Rehabilitation und den Bau von Wohneinheiten verwendet, die sowohl kurzfristige Notunterkünfte als auch langfristige Wohnlösungen anbieten. Die Bewohner haben Zugang zu Fallmanagement, finanzieller Bildung und vor Ort verfügbaren Annehmlichkeiten. Dieser Zuschuss ist Teil eines größeren Wettbewerbs über 61,8 Millionen Dollar der FHLB von San Francisco, der den Bau von nahezu 4.000 erschwinglichen Wohneinheiten in Arizona, Kalifornien und Nevada unterstützen wird.
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OAKDALE, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Oak Valley Community Bank (OVCB), a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded Modesto Gospel Mission (MGM) with a 2024 AHP grant for two-million dollars. This significant funding will propel MGM's efforts to provide emergency shelter and other vital services to the neediest residents of Modesto.
MGM worked collaboratively with OVCB to apply for support of MGM’s Restoration Woods, located at 1400 Yosemite Boulevard, which includes the rehabilitation of existing transitional housing and supportive services that will serve 134 individuals in need. Residents will have access to case management and financial education. Additional onsite amenities will include laundry, kitchen, and dining facilities.
The grant will be utilized to conduct substantial rehabilitation and construction of housing units dedicated to offering both short-term emergency shelter and longer-term housing solutions. “This grant is a monumental step forward for our Restoration Woods project, providing us with the critical funding to make this project a reality and improve the lives of many of the unhoused residents in the Modesto region. Our goal with this project is to significantly enhance the living space and services for the unhoused community we serve,” said Jason Conway, Chief Executive Officer of Modesto Gospel Mission.
The FHLB of San Francisco awarded a total of
This year's grant cycle represents a significant increase in California funding over last year, demonstrating the FHLBank of San Francisco’s commitment to deliver on its mission to solve the critical shortage of affordable housing in the state. The 2024 selected grants in California are being awarded to 47 important projects and will create 3,105 units of affordable housing throughout the state.
Jose Sabala, Community Reinvestment Officer for Oak Valley Community Bank, expressed, “We are excited to have the opportunity to help facilitate this grant for Modesto Gospel Mission. As a community bank, we cherish opportunities to join forces and partner with organizations that positively impact our local communities.”
About FHLBank San Francisco’s Affordable Housing Program (AHP)
The AHP helps to expand access to affordable housing for those who need it most. The AHP consists of the General Fund, open to affordable housing projects in Arizona, California, Nevada, and other areas where our members do business. The AHP grants are awarded annually through a competitive application process to Bank members working in partnership with housing developers and community organizations. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. For a complete list of 2024 AHP grant winners, visit the FHLBank San Francisco website.
About Modesto Gospel Mission:
Modesto Gospel Mission, a 501(c)(3) non-profit organization, has been serving meals and assisting the homeless since 1948. The vision for the Modesto Gospel Mission is to provide a place for refuge, recovery, and restoration to the broken, poor, and homeless in our local community. MGM is always striving to find new ways to provide needed assistance to our guests while communicating the teachings of Jesus Christ. MGM has provided nutritious meals, warm beds, clean showers, clothes, and a refuge of safety to thousands of poor and homeless men, women, and children over the last 75 years. For more information, visit www.mymission.org
About Oak Valley Community Bank:
Oak Valley offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information visit www.ovcb.com.
| Contact: | Chris Courtney/Rick McCarty |
| Phone: | (209) 848-BANK (2265) Toll Free (866) 844-7500 www.ovcb.com |
FAQ
What is the amount of the AHP grant awarded to Modesto Gospel Mission through Oak Valley Community Bank (OVLY)?
How many individuals will be served by the Modesto Gospel Mission's Restoration Woods project funded by the OVLY-facilitated grant?
What is the total amount awarded by the Federal Home Loan Bank of San Francisco in its 2024 AHP funding competition?
How many affordable housing units will be constructed with the 2024 AHP grants across Arizona, California, and Nevada?
What services will be provided to residents at the Modesto Gospel Mission's Restoration Woods project supported by Oak Valley Community Bank (OVLY)?
