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Preserving Affordable Housing: How Our Grants Supported 1,271 Units
May 21, 2026
In 2025, Beneficial State Bank provided flexible grant funding to affordable housing providers across the West Coast to help them upgrade and preserve housing for thousands of residents.
The Economic Emergency of Affordable Housing
Year after year, the housing affordability crisis puts financial pressure on families. Hundreds of thousands of people on the West Coast are still experiencing homelessness, and surging gas and food prices are making things even more difficult, especially for low- and moderate-income families. More than a social challenge, it’s an economic emergency.
Why is the Preservation of Existing Affordable Housing Important?
Preserving existing affordable housing properties is one of the most cost-effective ways to expand and protect long-term affordability, yet there is chronic underinvestment in it.
Affordable housing is already chronically undercapitalized compared to market-rate housing, and most affordable housing projects are new developments. New development is critical, but if existing affordable properties aren’t properly maintained, they can easily fall into disrepair. Roofs, gutters, plumbing, electric, and appliances all require upgrades at some point. Preserving existing affordable housing units is just as critical as building new ones.
What Role Do Banks Play in Preserving Affordable Housing?
Mission-driven banks play an important role in keeping communities housed. By increasing their lending to the affordable housing sector, including rehabilitation and preservation projects, and by providing flexible resources, banks can be an active partner to organizations working to solve the housing affordability crisis.
Affordable housing is core to our mission of helping people, and preserving it strongly aligns with our mission pillar of expanding economic mobility within our communities.
What is Our Preservation Grant Program?
To provide flexible capital to multifamily properties serving low-income communities, Beneficial State Bank’s Affordable Housing Preservation Grant Program awarded $850,000 to 17 property owners in 2025, supporting the preservation of 1,271 units across the West Coast. The grants provided flexible funding with simplified reporting requirements so that organizations can stay focused on what matters most – serving their residents.
How Were the 2025 Preservation Grant Funds Used?
Grant recipients are using the funds for a variety of property improvements, including solar panel installations, landscaping, painting, general maintenance, capital improvements, and replenishing reserve accounts.
We want to give a special thank you to the organizations that shared the following photos highlighting how they used their funds.
HASCO in Snohomish County, Washington, replaced their ranges and improved wheelchair access for their gazebo.
Residents of Willow Run Apartments in Snohomish County, Washington, now have safer and more energy-efficient ranges to replace their older models. They also improved wheelchair access to their community gazebo.
Mercy Housing NW in Kent, Washington, upgraded windows, re-paved their parking lot, and more.
Mercy Housing NW is using the funds to enhance resident comfort, safety, and the long-term health of the buildings at their Appian Way development inKent, Washington. Improvements include new windows, asphalt and curb replacement, roof and gutter cleaning, parking lot re-pavement, and tree pruning to improve airflow around the building.
ASIAN, Inc. in San Francisco, California, upgraded their century-old elevator.
ASIAN, Inc., an affordable housing property owner in San Francisco, California serves as a lifeline for families seeking upward mobility and was able to fix and upgrade a century-old elevator serving 27 households.
Supporting Our Communities Until Everyone Is Housed
We work to address the urgent housing challenge across our footprint, where housing costs dramatically outpace income:
- In the San Francisco Bay Area, the average home cost is 8.6 times higher than the median income.
- In Portland and Seattle, the average home cost is 6 times higher than the median income.
Housing is a basic human right – full stop. And everyone deserves housing that is safe, energy efficient, comfortable, and that stays affordable. We can’t give enough kudos to the affordable housing property managers who make this possible for their residents. They are true community heroes.
At Beneficial State Bank, we support the affordable housing sector beyond our Preservation Grant Program by dedicating a considerable amount of our lending portfolio each year to both the development and preservation of affordable housing. If you are interested in financing a rehabilitation project or are considering a refinance in California, Oregon, or Washington, our team would love to hear from you.
People, Planet, Prosperity for All
In 2024, we proudly issued over $52 million in lending to affordable housing projects, and $0 to private prisons. When you bank beneficially, you choose to support people and planet.
Banking for a Brighter Future
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