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News Release
For Immediate Release
April 10, 2006
Federal Home Loan Bank of San Francisco Awards $8.2 Million
to Help Lower-Income Homebuyers
San Francisco – The Federal Home Loan Bank of San Francisco today announced $8.2 million in matching grants to help lower-income residents become homeowners in Arizona, California, and Nevada. Of the total amount, the Bank awarded $4.1 million for the Individual Development and Empowerment Account (IDEA) Program and $4.1 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
“Moving lower-income families and individuals from renting to owning is important to 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 achieve homeownership throughout the 11th District.”
Under both programs, the Bank’s matching grant 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 23 members working with 30 FSS programs and 35 IDA programs to help up to 412 households purchase homes.
The WISH Program grants, used by 25 members working with 112 mortgage assistance programs, are expected to help up to 412 households living in:
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Maricopa and Pima counties, Arizona;
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Alameda, Contra Costa, El Dorado, Fresno, Kern, Los Angeles, Madera, Marin, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Luis Obispo, San Francisco, San Joaquin, San Mateo, Santa Barbara, Santa Clara, Solano, Sonoma, Stanislaus, Ventura, and Yolo counties, California;
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Clark and Washoe counties, Nevada.
For more information about the WISH and IDEA programs, visit www.fhlbsf.com.
The Federal Home Loan Bank of San Francisco
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’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com
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News Release
For Immediate Release
April 10, 2006
Federal Home Loan Bank of San Francisco Awards $8.2 Million
to Help Lower-Income Homebuyers
San Francisco – The Federal Home Loan Bank of San Francisco today announced $8.2 million in matching grants to help lower-income residents become homeowners in Arizona, California, and Nevada. Of the total amount, the Bank awarded
$4.1 million for the Individual Development and Empowerment Account (IDEA) Program and
$4.1 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
“Moving lower-income families and individuals from renting to owning is important to 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 achieve homeownership throughout the 11th District.”
Under both programs, the Bank’s matching grant 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 23 members working with 30 FSS programs and 35 IDA programs to help up to 412 households purchase homes.
The WISH Program grants, used by 25 members working with 112 mortgage assistance programs, are expected to help up to 412 households living in:
-
Maricopa and Pima counties, Arizona;
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Alameda, Contra Costa, El Dorado, Fresno, Kern, Los Angeles, Madera, Marin, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Luis Obispo, San Francisco, San Joaquin, San Mateo, Santa Barbara, Santa Clara, Solano, Sonoma, Stanislaus, Ventura, and Yolo counties, California;
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Clark and Washoe counties, Nevada.
For more information about the WISH and IDEA programs, visit
www.fhlbsf.com.
The Federal Home Loan Bank of San Francisco
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’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, 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