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News Releases |
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News ReleaseFor Immediate ReleaseAugust 2, 2006 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 desperately need seed money to get started or bolster organizational capacity,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “Our AHEAD Program grants encourage the development of 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, result in the creation or retention of jobs, or facilitate public or private infrastructure projects. For 2006, demand far exceeded supply. The Bank reviewed 62 AHEAD Program letters of intent and invited 16 applicants and their member partners to apply for funds. Of that number, eight received grants of $25,000. For 2006, the Bank awarded AHEAD grants to projects ranging from the development of a worker-owned food cooperative in a depressed area to providing funding for a loan loss reserve fund to help women farmers expand their business. (Full descriptions of the 2006 AHEAD Program grant recipients can be found at www.fhlbsf.com/ci/grant/ahead/gp_recipients.asp.) 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 was launched in 2004, the Bank has awarded $569,000 in AHEAD Program grants to support 23 projects in Arizona, California, and Nevada. 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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