Modesto Gospel Mission Receives Approval on $2 Million Affordable Housing Program (AHP) Grant Submitted Through Oak Valley Community Bank
Rhea-AI Summary
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.
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On the day this news was published, OVLY declined 7.34%, reflecting a notable negative market reaction.
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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)?
