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Pacific Premier Bank Receives $2.94 Million to Support Affordable Housing Projects

7/16/2020

Pacific Premier Bank Receives $2.94 Million from the Federal Home Loan Bank of San Francisco to Support Affordable Housing Projects in California and Nevada

Company Release - 7/16/2020 6:00 AM ET

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, announced today that Pacific Premier Bank has been awarded four grants totaling $2.94 million through the Federal Home Loan Bank of San Francisco’s (“FHLBank San Francisco”) Affordable Housing Program (“AHP”). FHLBank San Francisco AHP grants support the development of low- and moderate-income housing across California, Nevada, and Arizona.

“We congratulate our member Pacific Premier Bank on winning four AHP awards this year,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “Each of these grants will help build an innovative housing solution in the community where it is located, and all four will transform the lives of vulnerable people who will have an affordable and supportive place to call home.”

Pacific Premier Bank will direct the grants to four nonprofit organizations to develop four distinct affordable housing projects in California and Nevada, including:

  • American Family Housing (Casa Paloma) – 48-unit modular development to support homeless and low-income families and adults in Midway City, California
  • Mercy House (Aqua) – 57-unit renovation of a former hotel into a permanent supportive housing complex for homeless individuals and small families in Santa Ana, California
  • Tenderloin Neighborhood Development Corporation (681 Florida Street) – 130-unit mixed-use development with a dedicated community arts space for low-income families in San Francisco’s Mission District
  • The Empowerment Center (Marvel Way Apartments) – 42-unit multi-family affordable housing complex to support low-income individuals recovering from drug and alcohol addiction in Reno, Nevada

Pacific Premier Bank’s Chairman & Chief Executive Officer Steve Gardner said, “We are grateful for the opportunity to support the communities in which we work, live, and do business. Thank you to FHLBank San Francisco for awarding these grants to Pacific Premier, and to our nonprofit partners dedicated to creating and maintaining affordable housing for our most vulnerable communities. Partnerships such as these are integral to our Bank’s commitment to addressing daily challenges within our communities, including those related to poverty, health, economic disparities, housing, environmental concerns, and more.”

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