Oak Valley Community Bank Secures $5.3 Million in Grants for Affordable Housing Projects

Oak Valley Community Bank has secured $5.3 million in Affordable Housing Program grants from the Federal Home Loan Bank of San Francisco. The funding supports Modesto Gospel Mission and Tuolumne Economic Development Authority, enabling the development of 147 housing units across three major projects. Grants include $3.75 million for Modesto Gospel Mission and $1.596 million for Tuolumne Economic Development Authority's Westside Subdivision project.

Oak Valley Community Bank (NASDAQ: OVLY) has received approval for $5.3 million in Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco). The funding will support two major housing initiatives: $3.75 million for Modesto Gospel Mission and $1.596 million for Tuolumne Economic Development Authority (TEDA). These grants will enable the development of 147 housing units across three projects: Grace Place (67 transitional units), Hannah's House (50 transitional units), and the Westside Subdivision (30 single-family homes).

Grace Place, sponsored by Modesto Gospel Mission, will renovate an existing shelter facility in Modesto to provide 67 transitional housing units, paired with essential wraparound services such as onsite case management, life skills training, job coaching, and recovery support. Hannah’s House, also by Modesto Gospel Mission, will convert a warehouse into 50 units of transitional housing, with residents gaining access to the Mission’s proven programs focused on personal empowerment and long-term independence.

In Tuolumne County, the Westside Subdivision, sponsored by the Tuolumne Economic Development Authority (TEDA), will deliver 30 new single-family homes to serve very low- to moderate-income households, including six homes reserved for those experiencing homelessness. The development will also feature an 1,800-square-foot community center offering resident services such as job training and educational programs, along with recreational amenities like a basketball court and playground.

These projects are part of FHLBank San Francisco's broader $49.7 million AHP initiative for 2025, supporting affordable housing projects across Arizona, California, and Nevada. Oak Valley Community Bank authored and provided supplemental input for this grant, demonstrating its commitment to community development and affordable housing solutions.

References:
[1] https://www.stocktitan.net/news/OVLY/oak-valley-community-bank-receives-approval-on-over-5-3-million-in-tug28230kflc.html
[2] https://www.globenewswire.com/news-release/2025/07/10/3113740/29825/en/FHLBank-San-Francisco-Awards-6-7-Million-in-Grants-to-Develop-Affordable-Housing-in-Arizona.html