 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access to Housing and Economic Assistance for Development (AHEAD) Program
The AHEAD Program supports targeted economic development and affordable housing initiatives during the conception and early development stages. AHEAD grants, made to Bank members working with local community groups, can be used to fund projects that will produce 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 improvements.
Uses
Key Advantages
- Grants can be used for a wide range of eligible purposes
- Funds are awarded based on program eligibility, not on competitive scoring
Key Features and Guidelines
Funds Available
In 2008, the Bank will make available $500,000 in AHEAD Program grants to members.
Eligible Projects
Projects must be located in the 11th District and be eligible under the Bank's Community Investment Program (CIP) or Advances for Community Enterprise (ACE) Program, which provide advances for projects that offer housing, services, or other benefits to low- to moderate-income households; that result in the creation or retention of jobs in the community; or that facilitate public or private infrastructure projects. Sponsors must be nonprofit organizations engaged in affordable housing or community development activities in the 11th District.
Eligible Use of Funds
-
Support organizational and capacity-building activities
-
Obtain assistance in applying for loans and grants from other funding sources
-
Finance research, studies, and planning
-
Pay for architectural, engineering, survey, legal, administrative and other professional services
-
Other purposes deemed eligible by the Bank
Applications
For 2008, the Bank will accept letters of intent from members between April 14, 2008, and May 12, 2008. The Bank will review the letters of intent and has the option to invite selected projects to submit AHEAD Program applications to the Bank. The Bank expects to accept applications between June 16, 2008, and July 11, 2008. The Bank intends to notify members and sponsors of the amount of funds, if any, awarded to their project by August 20, 2008.
Review Process
The Bank will approve grants based on the evaluation of the grant application. Member commitment, whether financial or otherwise, will be considered in the grant selection process. Sponsors must demonstrate the capacity to execute the proposed project.
Disbursement of Funds
Funds will be provided through a grant to the member. The project sponsor must request disbursement of the grant within 12 months of the date that the Bank issues written notice to the member and sponsor that the grant has been awarded by the Bank. Prior to funding, the member must provide the Bank with copies of all related invoices or other documentation pertaining to the disbursement request. The member and project sponsor will certify that the grant will be used according to the terms stated in the application. The member must disburse the funds to the project sponsor within 30 days of receipt of the funds from the Bank. The grant is not an indebtedness of the member or the project sponsor and will not be secured by a retention mechanism.
Repayment and Monitoring
AHEAD is a recoverable grant program. If the funded project reaches the operational goals outlined in the application and the purpose of the grant has been served, then the project sponsor must make its best effort to repay the grant to the Bank within three years after being informed of the grant award.
The project sponsor will provide to the member and the Bank annual status reports for a period of up to three years following notification of the grant award and a final status report at termination of the agreement, outlining the status of the project, including financial statements showing expenditures of the grant funds and any significant variances to the project’s budgeted use of the grant. The reports will also include an account of what the project has accomplished during the report period toward achieving the goals and objectives outlined in the application, and an assessment of whether the project has been successful in meeting any of these goals and objectives during the report period.
Last Modified: March 2008
|
|
|
|
|
|
Access to Housing and Economic Assistance for Development (AHEAD) Program
The AHEAD Program supports targeted economic development and affordable housing initiatives during the conception and early development stages. AHEAD grants, made to Bank members working with local community groups, can be used to fund projects that will produce 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 improvements.
Uses
Key Advantages
- Grants can be used for a wide range of eligible purposes
- Funds are awarded based on program eligibility, not on competitive scoring
Key Features and Guidelines
Funds Available
In 2008, the Bank will make available $500,000 in AHEAD Program grants to members.
Eligible Projects
Projects must be located in the 11th District and be eligible under the Bank's Community Investment Program (CIP) or Advances for Community Enterprise (ACE) Program, which provide advances for projects that offer housing, services, or other benefits to low- to moderate-income households; that result in the creation or retention of jobs in the community; or that facilitate public or private infrastructure projects. Sponsors must be nonprofit organizations engaged in affordable housing or community development activities in the 11th District.
Eligible Use of Funds
-
Support organizational and capacity-building activities
-
Obtain assistance in applying for loans and grants from other funding sources
-
Finance research, studies, and planning
-
Pay for architectural, engineering, survey, legal, administrative and other professional services
-
Other purposes deemed eligible by the Bank
Applications
For 2008, the Bank will accept letters of intent from members between April 14, 2008, and May 12, 2008. The Bank will review the letters of intent and has the option to invite selected projects to submit AHEAD Program applications to the Bank. The Bank expects to accept applications between June 16, 2008, and July 11, 2008. The Bank intends to notify members and sponsors of the amount of funds, if any, awarded to their project by August 20, 2008.
Review Process
The Bank will approve grants based on the evaluation of the grant application. Member commitment, whether financial or otherwise, will be considered in the grant selection process. Sponsors must demonstrate the capacity to execute the proposed project.
Disbursement of Funds
Funds will be provided through a grant to the member. The project sponsor must request disbursement of the grant within 12 months of the date that the Bank issues written notice to the member and sponsor that the grant has been awarded by the Bank. Prior to funding, the member must provide the Bank with copies of all related invoices or other documentation pertaining to the disbursement request. The member and project sponsor will certify that the grant will be used according to the terms stated in the application. The member must disburse the funds to the project sponsor within 30 days of receipt of the funds from the Bank. The grant is not an indebtedness of the member or the project sponsor and will not be secured by a retention mechanism.
Repayment and Monitoring
AHEAD is a recoverable grant program. If the funded project reaches the operational goals outlined in the application and the purpose of the grant has been served, then the project sponsor must make its best effort to repay the grant to the Bank within three years after being informed of the grant award.
The project sponsor will provide to the member and the Bank annual status reports for a period of up to three years following notification of the grant award and a final status report at termination of the agreement, outlining the status of the project, including financial statements showing expenditures of the grant funds and any significant variances to the project’s budgeted use of the grant. The reports will also include an account of what the project has accomplished during the report period toward achieving the goals and objectives outlined in the application, and an assessment of whether the project has been successful in meeting any of these goals and objectives during the report period.
Last Modified: March 2008
© 2000-2008 Federal Home Loan Bank of San Francisco
Grant Programs
AHP