Press Release

San Francisco – The Federal Home Loan Bank of San Francisco today announced approximately $5.5 million in matching grants to help lower-income residents become homeowners in Arizona, California, Nevada, and Texas. Of the total amount, the Bank awarded almost $3.5 million for the Individual Development and Empowerment Account (IDEA) Program (PDF) and $2 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program (PDF).

"Moving lower-income residents from renting to owning is a priority for the Federal Home Loan Bank of San Francisco," 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."

Under both programs, the funds may be used for downpayment and/or closing costs. Through the Bank’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 though a Bank member. Participating households may earn up to 80% of the area median income and must complete a homeownership counseling program.

The IDEA Program grants will be used by 24 member financial institutions working with 25 FSS programs and 35 IDA programs, to help approximately 232 households purchase homes. The WISH Program grants, used by nine member financial institutions, are expected to help 135 to 150 households living in the following California counties—Alameda, Contra Costa, Los Angeles, Orange, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Mateo, Santa Clara, and Ventura.

The 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 Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 337 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com

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