National CORE Secures $4 Million in Federal Home Loan Bank Grants for 240 Southern California Senior Apartments
National CORE, a Rancho Cucamonga-based nonprofit affordable housing developer, has secured $4 million in grants from the Federal Home Loan Bank to help finance two Southern California senior housing developments totaling 240 affordable apartment homes.
The grants are part of FHLBank San Francisco's 2026 Affordable Housing Program, which awarded $66.3 million across 45 affordable housing communities in California, Arizona and Nevada. National CORE's two projects — Ramona Senior in Pasadena and Amanda Villas in Cudahy — were among 12 senior housing developments selected in the funding round.
Two Projects, Two Markets
Ramona Senior, a five-story, 100-unit affordable senior community being developed in partnership with the City of Pasadena, received $2 million channeled through Bank of America and FHLBank San Francisco. Located in Pasadena's historic Civic Center, the project will include a library, recreation room and resident services, as well as access to multiple public transit options.
Amanda Villas, a 140-unit senior community in Cudahy, received the remaining $2 million through Citizens Bank and FHLBank San Francisco. The project is being developed by National CORE in partnership with Prima Development. The community will feature a ground-floor health center offering medical, dental and behavioral health services to both residents and the surrounding community.
Banks Play Central Role in Grant Delivery
FHLBank San Francisco's Affordable Housing Program works through member financial institutions, which serve as co-sponsors for grant applications. In this round, Bank of America sponsored the Ramona Senior grant and Citizens Business Bank sponsored the Amanda Villas grant.
"Affordable housing gives older adults the stability to remain connected to the communities they helped build," said National CORE President Michael Ruane. "These grants bring two important developments closer to reality, ensuring more seniors will have access to high-quality homes that support healthy, independent living."
"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."