UB Unionbancal Corp

The Union Bank of California Foundation today announced the beneficiaries of its �Cornerstone Awards,� a $685,000 grant program founded in 2002 to fund emerging nonprofit housing developers in California. This unique program, the only one of its kind in the state, provides flexible operating grants and funding for technical assistance to up-and-coming affordable homebuilders. Community Housing Partnership in San Francisco, Wakeland Housing and Development Corporation in San Diego and Rancho Housing Alliance in Coachella will each receive $195,000 over a three-year period to complete new affordable housing developments in their local areas. An additional $100,000 is earmarked for day-to-day administration and measurement of the program. �Five years ago, Union Bank was looking for a strategic, effective and creative means to facilitate the creation of affordable housing,� said Carl Ballton, president and chief operating officer of Union Bank�s foundation. �We learned that a lack of operating capital is one of the biggest hurdles new developers must surmount to bring affordable units online�and that was one of the issues that the bank�s foundation could address.� According to Ballton, the first round of Cornerstone grants enabled three developers to create 344 much-needed units of affordable housing�119 more than originally anticipated�and move 484 more units into predevelopment. �Based on the success of the first grant recipients, we are very excited about the prospects for this new group and the benefits they�ll be able to bring to their communities.� About the winners: Community Housing Partnership (San Francisco) � CHP was established in 1990 to help people overcome homelessness through supportive housing. From 1990 to 1996, the organization developed three projects that supported 29 families and 192 individuals. CHP currently has three projects in its pipeline�one rehabilitation and two new construction projects. Together, they will create 213 units for single adults, families and seniors. Once the developments are built, CHP provides property management and on-site supportive services. Rancho Housing Alliance (Coachella) � Rancho Housing Alliance focuses on three areas: development and construction; resources to help families achieve homeownership; and neighborhood services, such as immigration assistance. The organization has a 15-member board comprised of representatives from eight communities, two tribal reservations and local governments. Rancho launched its first project in 2003 with the construction and sale of four infill homes and a 120-home subdivision and community park in Coachella. Projects in the pipeline include 16 infill homes and a 48-bed migrant housing facility with community center. The organization has other land holdings that have been designated for subdivisions, parks, retail/commercial centers and community facilities. Wakeland Housing and Development Corporation (San Diego) � Wakeland was established in 1999 with a focus on developing quality multi-family affordable housing throughout San Diego County. Completed projects include Vista Las Flores, a 28-unit development in Carlsbad; Beyer Courtyards, a 60-unit family development in San Ysidro that includes a children�s play area, basketball court and community room; and Lillian Place, a 74-unit development that will open in November 2008. In mid-September, Wakeland will begin rehabilitating Del Sol Apartments, a 90-unit project in San Ysidro. Wakeland also designs and implements programs to support residents of all ages, including youth programs, adult education and senior programs. The Cornerstone Award was developed by Union Bank of California and its 10-member Community Advisory Board, which plays an integral role in helping the bank�s executive management identify the financial needs of low-income and underserved communities. The recipients were chosen in a competitive process from a pool of 22 entrants from across the state. Each entrant had to meet specific requirements, including the completion of at least one significant affordable housing development, demonstration of need in the applicant�s primary service area, and proof that the development would have difficulty moving forward without additional funding. According to the National Low Income Housing Coalition, the current fair market rent for a two-bedroom home in California is $1,149. In order to afford this without paying more than 30 percent of income on housing, California households must earn $22.09 an hour, the second highest �housing wage� in the country and almost three times the minimum wage. There is not a single jurisdiction in the country where a person working 40 hours a week, 52 weeks a year at the prevailing minimum wage can afford a one-bedroom apartment. Established in 1953, the Union Bank of California Foundation serves as the agent for charitable contributions made by Union Bank of California. Throughout its history, the foundation has represented the bank�s investment and commitment to help meet the charitable needs of the communities it serves. The bank�s community development finance division provides financing and consultation services to non-profit real estate developers, as well as local and state housing authorities. Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $50.8 billion at June 30, 2006. Its primary subsidiary, Union Bank of California, N.A., had 321 banking offices in California, Oregon and Washington, and 2 international offices at June 30, 2006. The company's Web site is located at www.unionbank.com. The Union Bank of California Foundation today announced the beneficiaries of its "Cornerstone Awards," a $685,000 grant program founded in 2002 to fund emerging nonprofit housing developers in California. This unique program, the only one of its kind in the state, provides flexible operating grants and funding for technical assistance to up-and-coming affordable homebuilders. Community Housing Partnership in San Francisco, Wakeland Housing and Development Corporation in San Diego and Rancho Housing Alliance in Coachella will each receive $195,000 over a three-year period to complete new affordable housing developments in their local areas. An additional $100,000 is earmarked for day-to-day administration and measurement of the program. "Five years ago, Union Bank was looking for a strategic, effective and creative means to facilitate the creation of affordable housing," said Carl Ballton, president and chief operating officer of Union Bank's foundation. "We learned that a lack of operating capital is one of the biggest hurdles new developers must surmount to bring affordable units online--and that was one of the issues that the bank's foundation could address." According to Ballton, the first round of Cornerstone grants enabled three developers to create 344 much-needed units of affordable housing--119 more than originally anticipated--and move 484 more units into predevelopment. "Based on the success of the first grant recipients, we are very excited about the prospects for this new group and the benefits they'll be able to bring to their communities." About the winners: -- Community Housing Partnership (San Francisco) - CHP was established in 1990 to help people overcome homelessness through supportive housing. From 1990 to 1996, the organization developed three projects that supported 29 families and 192 individuals. CHP currently has three projects in its pipeline--one rehabilitation and two new construction projects. Together, they will create 213 units for single adults, families and seniors. Once the developments are built, CHP provides property management and on-site supportive services. -- Rancho Housing Alliance (Coachella) - Rancho Housing Alliance focuses on three areas: development and construction; resources to help families achieve homeownership; and neighborhood services, such as immigration assistance. The organization has a 15-member board comprised of representatives from eight communities, two tribal reservations and local governments. Rancho launched its first project in 2003 with the construction and sale of four infill homes and a 120-home subdivision and community park in Coachella. Projects in the pipeline include 16 infill homes and a 48-bed migrant housing facility with community center. The organization has other land holdings that have been designated for subdivisions, parks, retail/commercial centers and community facilities. -- Wakeland Housing and Development Corporation (San Diego) - Wakeland was established in 1999 with a focus on developing quality multi-family affordable housing throughout San Diego County. Completed projects include Vista Las Flores, a 28-unit development in Carlsbad; Beyer Courtyards, a 60-unit family development in San Ysidro that includes a children's play area, basketball court and community room; and Lillian Place, a 74-unit development that will open in November 2008. In mid-September, Wakeland will begin rehabilitating Del Sol Apartments, a 90-unit project in San Ysidro. Wakeland also designs and implements programs to support residents of all ages, including youth programs, adult education and senior programs. The Cornerstone Award was developed by Union Bank of California and its 10-member Community Advisory Board, which plays an integral role in helping the bank's executive management identify the financial needs of low-income and underserved communities. The recipients were chosen in a competitive process from a pool of 22 entrants from across the state. Each entrant had to meet specific requirements, including the completion of at least one significant affordable housing development, demonstration of need in the applicant's primary service area, and proof that the development would have difficulty moving forward without additional funding. According to the National Low Income Housing Coalition, the current fair market rent for a two-bedroom home in California is $1,149. In order to afford this without paying more than 30 percent of income on housing, California households must earn $22.09 an hour, the second highest "housing wage" in the country and almost three times the minimum wage. There is not a single jurisdiction in the country where a person working 40 hours a week, 52 weeks a year at the prevailing minimum wage can afford a one-bedroom apartment. Established in 1953, the Union Bank of California Foundation serves as the agent for charitable contributions made by Union Bank of California. Throughout its history, the foundation has represented the bank's investment and commitment to help meet the charitable needs of the communities it serves. The bank's community development finance division provides financing and consultation services to non-profit real estate developers, as well as local and state housing authorities. Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $50.8 billion at June 30, 2006. Its primary subsidiary, Union Bank of California, N.A., had 321 banking offices in California, Oregon and Washington, and 2 international offices at June 30, 2006. The company's Web site is located at www.unionbank.com.