Press Release

San Francisco—The Federal Home Loan Bank of San Francisco has delivered $1 million in matching grants to low-income, first-time homebuyers through its Individual Development and Empowerment Account (IDEA) program. As of January 10, 2003, 111 families had completed the steps necessary to receive up to $10,000 each from the Bank's homeownership set-aside program to help pay for their downpayment and closing costs. The Bank granted the one millionth dollar to an eligible homebuyer in Yuma, Arizona, through the City of Yuma Housing Authority Family Self-Sufficiency (FSS) Program.

"We are pleased to reach this major funding milestone as we enter the third year of the program," said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. "By matching a family's savings, the IDEA program provides a powerful financial incentive to help lower-income households realize the dream of homeownership."

Through the Bank's member financial institutions, the IDEA program provides up to $10,000 for downpayment or closing costs for each participating family, matching up to $3 for every dollar saved by the homebuyer. Participating households may earn up to 80% of area median income and must be enrolled in a Family Self-sufficiency (FSS) program through a local public housing authority or be enrolled in an Individual Development Account (IDA) program through a nonprofit organization or through a Bank member. To qualify for the matching subsidy, homebuyers must complete a homeownership counseling program, save money toward the purchase of a home for at least 10 months, and then qualify for a mortgage on a home they are able to purchase. Since the program's inception in 2000, the Bank has committed to fund $13.4 million in IDEA program matching grants through its members to eligible FSS and IDA programs.

The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 339 commercial banks, savings institutions, credit unions, and thrift and loan companies headquartered in Arizona, California, and Nevada.

Contact:
Amy Stewart, (415) 616-2605
stewarta@fhlbsf.com

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