 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Attention Bulletin
December 2, 2008
Bulletin No. 1307
Notice of Community Support and
Community Investment Cash Advance Credit Programs
To: All Members and Interested Community Groups
We offer a variety of community investment programs and resources to help our member financial institutions support affordable housing and economic development in their area. Through our members, we provide the following targeted grant and credit programs to build vibrant neighborhoods and communities.
Affordable Housing Program (AHP)
Competitive AHP
The Bank makes funds available to members to support affordable homeownership and rental projects in their communities. AHP grants are awarded twice a year though a competitive application process, with deadlines in April and October.
AHP Homeownership Set-Aside Programs
Homeownership Preservation Subsidy (HPS) Program
Under the HPS Program, the Bank sets aside a portion of its Affordable Housing Program contribution to provide matching grants that members can use to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners who may be at risk of foreclosure on their primary residence because of unaffordable increases in their monthly mortgage payments.
Individual Development and Empowerment Account (IDEA) Program
The IDEA Program provides matching grants to help very low- to moderate-income families and individuals who are saving to buy a home of their own. The Bank allocates IDEA funds once a year to member applicants based on program eligibility. The next application cycle will take place during the first quarter of 2009.
Workforce Initiative Subsidy for Homeownership (WISH) Program
The WISH Program provides matching grants to families and individuals to help them purchase homes near where they work. The Bank allocates WISH funds once a year to member applicants based on program eligibility. The next application cycle will take place during the first quarter of 2009.
Access to Housing and Economic Assistance for Development (AHEAD) Program
AHEAD grants, made to Bank members working with local community members, support targeted economic development and affordable housing initiatives during the conception and early development stages. The Bank allocates AHEAD funds once a year to member applicants based on program eligibility. The next application cycle will take place during the second quarter of 2009.
Community Investment Cash Advance (CICA) Credit Programs
Advances for Community Enterprise (ACE)
Members may use ACE credit to provide funds for projects and activities that result in the creation or retention of jobs or provide services or other benefits for low- and moderate-income people and communities. Funds may be used to support community lending and economic development, including small business, commercial and industrial activities, community facilities, and public works. ACE advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities.
Community Investment Program (CIP)
Members may use CIP credit for a variety of targeted financing activities, such as funding mortgages, financing first-time homebuyer programs, and creating and maintaining affordable housing for households with incomes at or below 115% of the area median income. CIP advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities.
Homeownership Preservation Advance (HPA)
Members may use HPA credit to provide funds to modify or refinance mortgage loans for low- and moderate-income homeowners who may be at risk of losing their primary residence because of delinquency or default on their mortgage loan.
Community Investment Letters of Credit
The Bank's AAA-rated standby letters of credit are available at favorable rates to provide credit enhancement and to support the tax-exempt and taxable financing of housing and economic development projects that otherwise meet ACE and CIP eligibility requirements.
Community Lending Plan Initiatives
As part of the Bank's annual Community Lending Plan, we develop and maintain relationships with community and economic development organizations. For example, we support a Financial Education Initiative—which includes foreclosure prevention and alerts borrowers to predatory lending practices and other homeownership concerns—and link community-based organizations to sources of technical assistance, experienced partners in community development, and advocacy groups. We also support member involvement and participation in neighborhood revitalization initiatives that promote the economic advancement of low- and moderate-income families and provide technical assistance on the Bank's programs and products.
We encourage you to visit our website at fhlbsf.com for more information on the programs and resources described in this bulletin. On our website, you will also find program application information, news about training and workshops, publications showing how members have successfully used our programs, and links to other community reinvestment and lending websites of interest.
Please call the Community Investment Department at (415) 616-2754 or contact your Relationship Manager to discuss how to take advantage of these valuable resources.
Sincerely,
Dean Schultz
President and Chief Executive Officer
|
|
|
|
|
|
Special Attention Bulletin
December 2, 2008
Bulletin No. 1307
Notice of Community Support and
Community Investment Cash Advance Credit Programs
To: All Members and Interested Community Groups
We offer a variety of community investment programs and resources to help our member financial institutions support affordable housing and economic development in their area. Through our members, we provide the following targeted grant and credit programs to build vibrant neighborhoods and communities.
Affordable Housing Program (AHP)
Competitive AHP
The Bank makes funds available to members to support affordable homeownership and rental projects in their communities. AHP grants are awarded twice a year though a competitive application process, with deadlines in April and October.
AHP Homeownership Set-Aside Programs
Homeownership Preservation Subsidy (HPS) Program
Under the HPS Program, the Bank sets aside a portion of its Affordable Housing Program contribution to provide matching grants that members can use to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners who may be at risk of foreclosure on their primary residence because of unaffordable increases in their monthly mortgage payments.
Individual Development and Empowerment Account (IDEA) Program
The IDEA Program provides matching grants to help very low- to moderate-income families and individuals who are saving to buy a home of their own. The Bank allocates IDEA funds once a year to member applicants based on program eligibility. The next application cycle will take place during the first quarter of 2009.
Workforce Initiative Subsidy for Homeownership (WISH) Program
The WISH Program provides matching grants to families and individuals to help them purchase homes near where they work. The Bank allocates WISH funds once a year to member applicants based on program eligibility. The next application cycle will take place during the first quarter of 2009.
Access to Housing and Economic Assistance for Development (AHEAD) Program
AHEAD grants, made to Bank members working with local community members, support targeted economic development and affordable housing initiatives during the conception and early development stages. The Bank allocates AHEAD funds once a year to member applicants based on program eligibility. The next application cycle will take place during the second quarter of 2009.
Community Investment Cash Advance (CICA) Credit Programs
Advances for Community Enterprise (ACE)
Members may use ACE credit to provide funds for projects and activities that result in the creation or retention of jobs or provide services or other benefits for low- and moderate-income people and communities. Funds may be used to support community lending and economic development, including small business, commercial and industrial activities, community facilities, and public works. ACE advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities.
Community Investment Program (CIP)
Members may use CIP credit for a variety of targeted financing activities, such as funding mortgages, financing first-time homebuyer programs, and creating and maintaining affordable housing for households with incomes at or below 115% of the area median income. CIP advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities.
Homeownership Preservation Advance (HPA)
Members may use HPA credit to provide funds to modify or refinance mortgage loans for low- and moderate-income homeowners who may be at risk of losing their primary residence because of delinquency or default on their mortgage loan.
Community Investment Letters of Credit
The Bank's AAA-rated standby letters of credit are available at favorable rates to provide credit enhancement and to support the tax-exempt and taxable financing of housing and economic development projects that otherwise meet ACE and CIP eligibility requirements.
Community Lending Plan Initiatives
As part of the Bank's annual Community Lending Plan, we develop and maintain relationships with community and economic development organizations. For example, we support a Financial Education Initiative—which includes foreclosure prevention and alerts borrowers to predatory lending practices and other homeownership concerns—and link community-based organizations to sources of technical assistance, experienced partners in community development, and advocacy groups. We also support member involvement and participation in neighborhood revitalization initiatives that promote the economic advancement of low- and moderate-income families and provide technical assistance on the Bank's programs and products.
We encourage you to visit our website at fhlbsf.com for more information on the programs and resources described in this bulletin. On our website, you will also find program application information, news about training and workshops, publications showing how members have successfully used our programs, and links to other community reinvestment and lending websites of interest.
Please call the Community Investment Department at (415) 616-2754 or contact your Relationship Manager to discuss how to take advantage of these valuable resources.
Sincerely,
Dean Schultz
President and Chief Executive Officer
© 2000-2012 Federal Home Loan Bank of San Francisco
