 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
News Release
For Immediate Release
June 4, 2007
Federal Home Loan Bank of San Francisco Awards $6.9 Million to Help Lower-Income Homebuyers
San Francisco – The Federal Home Loan Bank of San Francisco has announced $6.9 million in matching grants to help lower-income residents become homeowners in Arizona, California, and Nevada. Of the total amount, the Bank awarded $2.7 million for the Individual Development and Empowerment Account (IDEA) Program and $4.2 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
“Moving lower-income households from renting to owning is a high priority for us, and together these IDEA and WISH Program awards will help nearly 600 households make that transition,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “We are especially gratified that, in this cycle, 35 of our member financial institutions are making these grants available to homebuyers throughout the 11th District.”
The IDEA and WISH programs provide up to $15,000 per household toward the purchase of a home, matching up to $3 for every dollar saved by the eligible homebuyer. Under both programs, matching grant funds are applied to the homebuyer’s downpayment and/or closing costs. Participating households may earn up to 80% of the area median income and must complete a homebuyer’s counseling program.
For the IDEA Program, qualifying households must be enrolled in a Family Self-Sufficiency (FSS) program through a local public housing authority, or in an Individual Development Account (IDA) program offered by either a nonprofit organization or one of the Bank’s members. Under the WISH Program, which is designed to help working families purchase a home near their job, participants must participate in a mortgage assistance program administered by a public or private entity.
In this grant cycle, 23 member financial institutions received IDEA awards to provide assistance to eligible homebuyers. WISH grants are being awarded to 31 members – including 9 institutions participating in the WISH Program for the first time – to aid families and individuals purchasing homes in the following counties:
-
Arizona: Maricopa, Pinal, Pima, and Yuma counties
-
California: 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 Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Ventura, and Yolo counties
-
Nevada: Clark, Douglas, and Washoe counties
For more information about the IDEA and WISH programs or to review the list of grant recipients, 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. The Bank is one of twelve regional banks in the Federal Home Loan Bank System, which is celebrating 75 years of service to members and communities this year.
Contact:
Cynthia Lopez, (415) 616-2757
lopezc@fhlbsf.com
|
|
|
|
|
|
News Release
For Immediate Release
June 4, 2007
Federal Home Loan Bank of San Francisco Awards $6.9 Million to Help Lower-Income Homebuyers
San Francisco – The Federal Home Loan Bank of San Francisco has announced $6.9 million in matching grants to help lower-income residents become homeowners in Arizona, California, and Nevada. Of the total amount, the Bank awarded
$2.7 million for the Individual Development and Empowerment Account (IDEA) Program and
$4.2 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program.
“Moving lower-income households from renting to owning is a high priority for us, and together these IDEA and WISH Program awards will help nearly 600 households make that transition,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “We are especially gratified that, in this cycle, 35 of our member financial institutions are making these grants available to homebuyers throughout the 11th District.”
The IDEA and WISH programs provide up to $15,000 per household toward the purchase of a home, matching up to $3 for every dollar saved by the eligible homebuyer. Under both programs, matching grant funds are applied to the homebuyer’s downpayment and/or closing costs. Participating households may earn up to 80% of the area median income and must complete a homebuyer’s counseling program.
For the IDEA Program, qualifying households must be enrolled in a Family Self-Sufficiency (FSS) program through a local public housing authority, or in an Individual Development Account (IDA) program offered by either a nonprofit organization or one of the Bank’s members. Under the WISH Program, which is designed to help working families purchase a home near their job, participants must participate in a mortgage assistance program administered by a public or private entity.
In this grant cycle, 23 member financial institutions received IDEA awards to provide assistance to eligible homebuyers. WISH grants are being awarded to 31 members – including 9 institutions participating in the WISH Program for the first time – to aid families and individuals purchasing homes in the following counties:
-
Arizona: Maricopa, Pinal, Pima, and Yuma counties
-
California: 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 Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Ventura, and Yolo counties
-
Nevada: Clark, Douglas, and Washoe counties
For more information about the IDEA and WISH programs or to review the list of grant recipients, 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. The Bank is one of twelve regional banks in the Federal Home Loan Bank System, which is celebrating 75 years of service to members and communities this year.
Contact:
Cynthia Lopez, (415) 616-2757
lopezc@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
News Releases