Press Release

San Francisco—The Federal Home Loan Bank of San Francisco today announced $815,000 in grants to help very low- to moderate-income workers move from renting to owning. Through the Bank’s member financial institutions, the newly launched Workforce Initiative Subsidy for Homeownership (WISH) Program will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward purchase of the home. To qualify, homebuyers must participate in an eligible mortgage assistance program administered by a public or private entity.

The WISH Program is designed to help people living in high-cost areas to purchase homes near their work. "Homeownership remains an unrealized dream for many moderate-income families living in high-cost areas," said Jim Yacenda, Bank Vice President and Community Investment Officer. "The WISH Program provides another tool to help increase the homeownership opportunities of working families."

For 2003, the WISH Program is expected to help 60 to 80 families living in Orange and Santa Clara counties. Participating households may earn up to 80% of area median income and must complete a homeownership counseling program. In addition, the homebuyer must have paid at least 1% of the purchase price of the home from his/her own resources. WISH funds may be used toward downpayment or closing costs.

2003 WISH Program Awards

Over the last several years, the Bank has supported efforts to help communities meet the housing needs of their workforce. As part of this effort, the Bank launched the WISH Program. The Bank expects to expand the grant program to help homebuyers in more high-cost areas next year.

About the Federal Home Loan Bank of San Francisco

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 352 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

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

Tracy Fine, (415) 616-2707
finet@fhlbsf.com

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