Rancho Cucamonga, Calif. – National CORE, one of the nation’s largest nonprofit developers of affordable housing, has secured $4 million in grants from the Federal Home Loan Bank of San Francisco to help develop 240 affordable apartment homes for seniors in Southern California.
The grants are part of the bank’s 2026 Affordable Housing Program, which awarded $66.3 million in grants to support 45 affordable housing communities. Working through member financial institutions, the program helps finance the construction, preservation and rehabilitation of affordable housing in California, Arizona and Nevada.
National CORE’s Amanda Villas in Cudahy and Ramona Senior in Pasadena are among 12 senior housing developments selected for the grants.
“Affordable housing gives older adults the stability to remain connected to the communities they helped build,” National CORE President Michael Ruane said. “These grants bring two important developments closer to reality, ensuring more seniors will have access to high-quality homes that support healthy, independent living.”
Ramona Senior, a five-story community with 100 affordable apartments being developed in partnership with the City of Pasadena, received $2 million through Bank of America and FHLBank San Francisco. Located in the city’s historic Civic Center, the community will offer a library, recreation room, resident services and convenient access to multiple public transit options.
Amanda Villas, a 140-apartment community being developed by National CORE and Prima Development in Cudahy, received $2 million through Citizens Business Bank and FHLBank San Francisco. The community will feature a ground floor health center providing medical, dental and behavioral health services for residents and members of the surrounding community.
“Partnerships like these, through which Bank of America and Citizens Business Bank are each helping finance National CORE developments, are essential to increasing the supply of affordable housing and expanding access to quality housing for low-income seniors,” said Tom Dapice, community investment officer at FHLBank San Francisco. “By working closely with our members and their community partners, we help finance new housing, preserve existing homes and help more individuals and families access a stable, affordable place to call home.”
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