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Special Attention Bulletin
November 25, 2008
Bulletin No. 1306
HPS Grants Awarded to Five Members, Application Window Reopening
To All Members and Interested Community Groups:
The initial application period for the Homeownership Preservation Subsidy (HPS) foreclosure prevention program closed on Monday, November 17, 2008. I am pleased to announce that on Friday, November 21, 2008, we awarded a total of $2.7 million in HPS grants to support members Arrowhead Central Credit Union, Desert Hills Bank, Meriwest Credit Union, PFF Bank & Trust, and United Commercial Bank in restructuring or refinancing mortgage loans for eligible low-to moderate-income homeowners.
Due to continuing interest in our HPS matching grant program, the Bank is reopening the application period starting December 1, 2008. Until further notice, the Bank will continue to accept fund reservations from members and awards will be made monthly. If your institution is looking for a readily available tool to mitigate foreclosures and keep customers in their homes, you can reserve up to $1 million in HPS funds today.
Matching up to $1 for every $2 contributed by your institution, HPS provides a maximum grant of $25,000 per homeowner to be applied to the costs of mortgage loan restructuring or refinancing. HPS grants may also be used in tandem with our Homeownership Preservation Advance, a discounted credit product for funding loan restructuring for eligible households or reverse mortgages for elderly homeowners. Both programs can help you meet your CRA goals.
Please call Tom Wilson at 415-616-2748 or email hps@fhlbsf.com with questions about our programs, or visit fhlbsf.com to learn more.
Sincerely,
Dean Schultz
President and Chief Executive Officer
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Special Attention Bulletin
November 25, 2008
Bulletin No. 1306
HPS Grants Awarded to Five Members, Application Window Reopening
To All Members and Interested Community Groups:
The initial application period for the Homeownership Preservation Subsidy (HPS) foreclosure prevention program closed on Monday, November 17, 2008. I am pleased to announce that on Friday, November 21, 2008, we awarded a total of $2.7 million in HPS grants to support members Arrowhead Central Credit Union, Desert Hills Bank, Meriwest Credit Union, PFF Bank & Trust, and United Commercial Bank in restructuring or refinancing mortgage loans for eligible low-to moderate-income homeowners.
Due to continuing interest in our HPS matching grant program, the Bank is reopening the application period starting December 1, 2008. Until further notice, the Bank will continue to accept fund reservations from members and awards will be made monthly. If your institution is looking for a readily available tool to mitigate foreclosures and keep customers in their homes, you can reserve up to $1 million in HPS funds today.
Matching up to $1 for every $2 contributed by your institution, HPS provides a maximum grant of $25,000 per homeowner to be applied to the costs of mortgage loan restructuring or refinancing. HPS grants may also be used in tandem with our Homeownership Preservation Advance, a discounted credit product for funding loan restructuring for eligible households or reverse mortgages for elderly homeowners. Both programs can help you meet your CRA goals.
Please call Tom Wilson at 415-616-2748 or email
hps@fhlbsf.com with questions about our programs, or visit fhlbsf.com to learn more.
Sincerely,
Dean Schultz
President and Chief Executive Officer
© 2000-2012 Federal Home Loan Bank of San Francisco
