Beneficial State Bank awards $850,000 in affordable housing grants, preserving 1,271 low-cost units across the West Coast

Through the bank’s new Affordable Housing Preservation Grant program, flexible funding of up to $100,000 per organization was awarded to 17 developers.

OAKLAND, Calif., October 21, 2025 – Beneficial State Bank today announced $850,000 in grants to 17 affordable housing developers, supporting the preservation of 1,271 affordable housing units across California, Oregon, and Washington. The bank’s 2025 Affordable Housing Preservation Grant Program provides flexible capital to deed-restricted multifamily properties serving low-income communities.

"As the housing affordability crisis becomes more acute across the West Coast, preserving existing affordable units is just as critical as building new ones," said Randell Leach, CEO of Beneficial State Bank. "We’re proud to offer these grants for the first time to developers who are committed to maintaining quality affordable housing for the long term. This program is a living example of how banks can play a critical role in solving the housing crisis."

The grants, ranging up to $100,000 per organization, can be used for a variety of property improvements, including solar panel installation, landscaping, painting, general maintenance, and replenishing reserve accounts. Recipients include both nonprofit and for-profit developers operating deed-restricted properties with at least 10 years of remaining affordability requirements.

The program addresses urgent housing challenges across Beneficial State Bank's footprint, where housing costs dramatically outpace incomes. In the San Francisco Bay Area, the average home cost is 8.6 times higher than the median income, while in Portland and Seattle, it's 6 times higher. The grants specifically target properties serving households earning 50% or less of Area Median Income, with preference given to projects in CDFI-designated Areas of Economic Distress or High Opportunity Areas. Preserving aging multifamily housing is a fast, cost-effective way to expand affordable housing, yet many properties fall into disrepair due to limited financing.

"We understand the complexities of affordable housing preservation," said Grant Word, Executive Vice President and Director of Commercial & Business Banking at Beneficial State Bank. "By providing patient, flexible capital with straightforward reporting requirements, we're helping property owners focus on what matters most: maintaining quality, affordable homes for their residents."

This grant program builds on Beneficial State Bank's existing affordable housing portfolio. At year end 2024, the bank held $150 million in outstanding affordable housing loans, supporting 657 new units during the year with 84% of those new units deed-restricted for long-term affordability. Since its inception, the bank has financed over 17,143 housing units across its three-state footprint.