Great Basin FCU Supports Local Affordable Housing Initiatives

In June 2024, the Federal Home Loan Bank of San Fransisco (FHLBSF) announced the disbursement of $9.4 million in affordable housing grants to Nevada-based developers in a mission to improve Nevada’s critical shortage of affordable housing.

In the 2024 grant cycle, Great Basin Federal Credit Union received it’s first Affordable Housing Program (AHP) award from the FHLBSF and has partnered with the American Covenant Senior Housing Foundation, an organization who aims to provide safe, affordable, and sustainable housing for seniors, families, veterans, and the homeless.

Through this effort, the credit union has it’s eyes set on making affordable housing a reality in Nevada – a state that currently tops the nation in cost-burdened households (households where more than 50% of income goes toward 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…”

With the financial support of FHLBSF, Great Basin and American Covenant Senior Housing will collaborate to restore 24 USDA units at Sunwood Housing in Lovelock, Nevada (Pershing County). The end result will be newer, upgraded one-, two-, and three-bedroom units for very low to low-income households. Residents of these dwellings will be supported through USDA rental assistance programs and will be within walking distance the local hospitals, park, and hardware store.

In total, the Nevada grant will fund a total of nine affordable housing projects in rural, urban, and tribal areas across Fallon, NV; Las Vegas, NV; North Las Vegas, NV, Lovelock, NV; Reno, NV; and Wadsworth, NV.