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Special Attention Bulletin
January 18, 2008
Bulletin No. 1275
2008 Homeownership Set-Aside Programs
To All Members and Interested Community Groups:
I am pleased to announce the start of the application period for the Federal Home Loan Bank of San Francisco’s 2008 homeownership set-aside programs for very low- to moderate-income households—the Individual Development and Empowerment Account (IDEA) Program and the Workforce Initiative Subsidy for Homeownership (WISH) Program.
Both programs offer Bank members a unique opportunity to promote homeownership while achieving community investment goals. For 2008, the Bank will set aside up to 20% of its Affordable Housing Program contribution to provide matching funds to eligible first-time homebuyers for downpayment and closing cost assistance. Members may apply to the Bank for a funds reservation of up to $400,000 for each program. Only Bank members may apply.
IDEA and WISH applications will be accepted from January 21, 2008, to February 22, 2008. We expect to notify members of the awards by March 31, 2008. All IDEA and WISH funds awarded in 2008 must be used by March 31, 2009.
The 2008 applications and related materials for IDEA and WISH are available now on the Bank’s website.
IDEA Program
Through participating member financial institutions, the IDEA Program awards AHP dollars to assist qualified homebuyers who have saved in an Individual Development Account (IDA) or who have successfully participated in their local housing authority’s Family Self-Sufficiency (FSS) program leading to homeownership. Eligible households must save for a minimum of 10 months and successfully complete a homebuyer counseling program offered by an experienced organization. The IDEA Program will provide up to $15,000 per participating household, matching up to $3 for every dollar saved.
WISH Program
The WISH Program is designed to help working households living in high-cost areas to purchase a home near where they work. The WISH Program will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home. To qualify, homebuyers must participate in an eligible mortgage assistance program administered by a public or private entity. For the 2008 WISH Program, the Bank has added a first-time homebuyer requirement and expanded the allocation to assist eligible homebuyers in more high-cost counties in Arizona and California. The new counties are Butte, Calaveras, Humboldt, Imperial, Mariposa, Shasta, Siskiyou, Sutter, Tehama, Tulare, and Yuba counties in California, and Apache, Cochise, Coconino, Gila, Graham, La Paz, Mohave, Navajo, and Yavapai counties in Arizona.
For these and other important details about these programs, please refer to our IDEA and WISH program descriptions.
If you would like additional information, please contact the Community Investment Department at (415) 616-2542.
Sincerely,
Dean Schultz
President and Chief Executive Officer
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Special Attention Bulletin
January 18, 2008
Bulletin No. 1275
2008 Homeownership Set-Aside Programs
To All Members and Interested Community Groups:
I am pleased to announce the start of the application period for the Federal Home Loan Bank of San Francisco’s 2008 homeownership set-aside programs for very low- to moderate-income households—the Individual Development and Empowerment Account (IDEA) Program and the Workforce Initiative Subsidy for Homeownership (WISH) Program.
Both programs offer Bank members a unique opportunity to promote homeownership while achieving community investment goals. For 2008, the Bank will set aside up to 20% of its Affordable Housing Program contribution to provide matching funds to eligible first-time homebuyers for downpayment and closing cost assistance. Members may apply to the Bank for a funds reservation of up to $400,000 for each program. Only Bank members may apply.
IDEA and WISH applications will be accepted from January 21, 2008, to February 22, 2008. We expect to notify members of the awards by March 31, 2008. All IDEA and WISH funds awarded in 2008 must be used by March 31, 2009.
The 2008 applications and related materials for
IDEA and
WISH are available now on the Bank’s website.
IDEA Program
Through participating member financial institutions, the IDEA Program awards AHP dollars to assist qualified homebuyers who have saved in an Individual Development Account (IDA) or who have successfully participated in their local housing authority’s Family Self-Sufficiency (FSS) program leading to homeownership. Eligible households must save for a minimum of 10 months and successfully complete a homebuyer counseling program offered by an experienced organization. The IDEA Program will provide up to $15,000 per participating household, matching up to $3 for every dollar saved.
WISH Program
The WISH Program is designed to help working households living in high-cost areas to purchase a home near where they work. The WISH Program will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home. To qualify, homebuyers must participate in an eligible mortgage assistance program administered by a public or private entity. For the 2008 WISH Program, the Bank has added a first-time homebuyer requirement and expanded the allocation to assist eligible homebuyers in more high-cost counties in Arizona and California. The new counties are Butte, Calaveras, Humboldt, Imperial, Mariposa, Shasta, Siskiyou, Sutter, Tehama, Tulare, and Yuba counties in California, and Apache, Cochise, Coconino, Gila, Graham, La Paz, Mohave, Navajo, and Yavapai counties in Arizona.
For these and other important details about these programs, please refer to our
IDEA and
WISH program descriptions.
If you would like additional information, please contact the Community Investment Department at (415) 616-2542.
Sincerely,
Dean Schultz
President and Chief Executive Officer
© 2000-2008 Federal Home Loan Bank of San Francisco
