SAN FRANCISCO (Inman News Features) - The Federal Home Loan Bank of San Francisco last year subsidized 123 housing projects through its affordable housing program. Grants worth $38 million were used to develop affordable housing for low- and moderate-income renters and home buyers. The majority of the funds will be used to build 6177 rental units across the country.

The bank also announced it presented U.S. Sen. Harry Reid (D-Nev.) with its 2001 ?Friends of Affordable Housing? award for his support of affordable housing programs during his 15-year tenure in the senate.

The bank has awarded $235 million in grants since 1990 to help develop affordable housing in Nevada, California, Arizona and other states served by the bank's members. The grants have supported more than 48,000 rental and owner-occupied housing units.

The Federal Home Loan Bank of San Francisco has $140 billion in assets and is the largest of the 12 banks in the Federal Home Loan Bank system. The bank serves and is owned by 317 commercial banks, savings institutions, credit unions, and thrift and loan companies headquartered in Arizona, California and Nevada.