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Press Release
For Immediate Release
March 21, 2005
Federal Home Loan Bank of San Francisco Awards $6.6 Million
to Help Lower-Income Homebuyers
San Francisco—The Federal Home Loan Bank of San Francisco today announced $6.6 million in matching grants to help lower-income residents become homeowners in Arizona, California, Nevada, and Texas. Of the total amount, the Federal Home Loan Bank of San Francisco awarded over $3.3 million for the Individual Development and Empowerment Account (IDEA) Program and approximately $3.3 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
"Providing lower-income families and individuals homeownership opportunities is a high priority for us," said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. "The IDEA and WISH programs are important tools to help families and individuals realize the dream of homeownership throughout the 11th District."
Under both programs, the funds may be used for downpayment and/or closing costs. Through the Federal Home Loan Bank of San Francisco’s member financial institutions, the IDEA and WISH programs provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of the home. Under the WISH Program, homebuyers must participate in eligible mortgage assistance programs administered by a public or private entity. For the IDEA Program, eligible households 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 member. Participating households may earn up to 80% of the area median income and must complete a homeownership counseling program provided by an experienced organization.
The IDEA Program grants will be used by 22 members working with 26 FSS programs and 42 IDA programs to help approximately 330 households purchase homes. The WISH Program grants, used by 16 members for 56 mortgage assistance programs, are expected to help 330 households living in:
- Maricopa and Pima counties, Arizona;
- Alameda, Contra Costa, Fresno, Los Angeles, Marin, Orange, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Joaquin, San Mateo, Santa Barbara, Santa Clara, Solano, Stanislaus, Ventura, and Yolo counties, California; and
- Clark County, Nevada.
For more information about the WISH and IDEA programs, visit www.fhlbsf.com.
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 Federal Home Loan Bank of San Francisco also funds community investment programs that help members create affordable housing and promote community economic development. The Federal Home Loan Bank of San Francisco serves and is owned by 358 commercial banks, savings institutions, credit unions, 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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Press Release
For Immediate Release
March 21, 2005
Federal Home Loan Bank of San Francisco Awards $6.6 Million
to Help Lower-Income Homebuyers
San Francisco—The Federal Home Loan Bank of San Francisco today announced $6.6 million in matching grants to help lower-income residents become homeowners in Arizona, California, Nevada, and Texas. Of the total amount, the Federal Home Loan Bank of San Francisco awarded over $3.3 million for the Individual Development and Empowerment Account (IDEA) Program and approximately $3.3 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
"Providing lower-income families and individuals homeownership opportunities is a high priority for us," said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. "The IDEA and WISH programs are important tools to help families and individuals realize the dream of homeownership throughout the 11th District."
Under both programs, the funds may be used for downpayment and/or closing costs. Through the Federal Home Loan Bank of San Francisco’s member financial institutions, the IDEA and WISH programs provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of the home. Under the WISH Program, homebuyers must participate in eligible mortgage assistance programs administered by a public or private entity. For the IDEA Program, eligible households 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 member. Participating households may earn up to 80% of the area median income and must complete a homeownership counseling program provided by an experienced organization.
The IDEA Program grants will be used by 22 members working with 26 FSS programs and 42 IDA programs to help approximately 330 households purchase homes. The WISH Program grants, used by 16 members for 56 mortgage assistance programs, are expected to help 330 households living in:
- Maricopa and Pima counties, Arizona;
- Alameda, Contra Costa, Fresno, Los Angeles, Marin, Orange, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Joaquin, San Mateo, Santa Barbara, Santa Clara, Solano, Stanislaus, Ventura, and Yolo counties, California; and
- Clark County, Nevada.
For more information about the WISH and IDEA programs, visit
www.fhlbsf.com.
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 Federal Home Loan Bank of San Francisco also funds community investment programs that help members create affordable housing and promote community economic development. The Federal Home Loan Bank of San Francisco serves and is owned by 358 commercial banks, savings institutions, credit unions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
News Releases