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News Releases |
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Press ReleaseFor Immediate ReleaseJuly 27, 2005 Federal Home Loan Bank of San Francisco Awards $200,000 in Predevelopment Grants in Arizona, California, and Nevada San Francisco – The Federal Home Loan Bank of San Francisco today announced $200,000 in Access to Housing and Economic Assistance for Development (AHEAD) Program grants. The grants will help the Bank’s member financial institutions support eight economic development and affordable housing projects during the conception and early development phases. “Many worthy community development initiatives need a jump-start,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “We believe that our AHEAD Program grants, although modest, encourage our members to partner with community groups to launch innovative projects that help spur economic development or build affordable housing in our communities.” The AHEAD Program will support projects that provide housing, services, or other benefits for low- to moderate-income households, that result in the creation or retention of jobs in low- to moderate-income communities, or that facilitate public or private infrastructure projects located in low- to moderate-income communities. AHEAD funds can be used for a wide range of eligible purposes—from seed money to start a small business, to covering predevelopment engineering and legal fees for an affordable rental housing project, to providing start-up financing for social services. If the project meets its goals, the AHEAD funds will be repaid to the Bank and recycled for other economic development and affordable housing projects in the 11th District. Since the program’s inception in 2004, the Bank has awarded $369,000 in AHEAD Program grants to support 15 projects in Arizona, California, and Nevada. 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 362 commercial banks, credit unions, savings institutions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada. Contact: Tracy Fine, (415) 616-2707 finet@fhlbsf.com |
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