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News Releases |
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News ReleaseFor Immediate ReleaseAugust 6, 2007 Federal Home Loan Bank of San Francisco Awards $450,000 in Predevelopment Grants in Arizona, California, and Nevada Amount of Funding More Than Doubles in 2007 San Francisco – The Federal Home Loan Bank of San Francisco today announced $450,000 in 2007 Access to Housing and Economic Assistance for Development (AHEAD) Program grants, $225,000 more than in 2006. The grants will help the Bank’s member financial institutions support 18 economic development and affordable housing projects during the conception and early development phases. “The Bank is committed to supporting initiatives that have a lasting impact on economic development and affordable housing in our communities,” says Marietta Nunez, Vice President, Community Lending, at the Federal Home Loan Bank of San Francisco. “AHEAD Program grants encourage innovative approaches to achieving that goal, and this year, our members and their community partners are addressing critical issues in a number of new and creative ways.” 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 2007, demand far exceeded supply. The Bank reviewed 79 AHEAD Program letters of intent and invited 26 applicants and their member partners to apply for funds. Of that number, 18 received grants of $25,000. For 2007, the Bank awarded AHEAD grants to projects ranging from an education and loan program providing resources to help low-income women launch small home-based businesses, to land trust projects that will ensure supplies of affordable housing in perpetuity. (Full descriptions of the 2007 AHEAD Program grant recipients can be found at fhlbsf.com/ci/grant/ahead/gp_recipients.asp.) AHEAD funds can be used for a wide array of eligible purposes—such as seed money to start a small business, funding predevelopment engineering and legal fees for an affordable rental housing project, or providing start-up financing for social services. Since the program was launched in 2004, the Bank has awarded more than $1 million in AHEAD Program grants to support 41 projects in Arizona, California, and Nevada. About 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 Federal Home Loan Bank of San Francisco is one of 12 regional banks in the FHLBank System, which is celebrating 75 years of service to members and communities this year. Contact: Amy Stewart, (415) 616-2605 stewarta@fhlbsf.com |
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