To All Members and Interested Community Groups:
The Access to Housing and Economic Assistance for Development (AHEAD) Program allows our members to support economic development and housing projects during the critical conception and early development stages. In 2009, the Bank’s Board of Directors doubled funding for AHEAD, from $500,000 to $1 million, and I am pleased to announce that the Board has renewed the same level of support for 2010. Individual grants are expected to average between $25,000 and $50,000.
AHEAD provides funding for projects that contribute to the health and stability of our communities by:
Grants can be used to finance a wide variety of start-up costs, such as studies and project plans, consulting or professional services, and organizational or capacity-building activities. Last year’s AHEAD grants were awarded to 33 different initiatives designed to address pressing local needs—ranging from programs that assist households and neighborhoods hit hard by the foreclosure crisis to projects that increase access to small business loans and microfinance in underserved communities.
Applications for AHEAD will be accepted between April 30 and June 1, 2010. The Bank plans to notify members and sponsors of the amount of funds, if any, awarded to their project at the end of August.
I encourage you to participate in our AHEAD Program to help address pressing affordable housing and economic development needs in our communities. For more information about the program, application process, and previous award recipients, please visit fhlbsf.com. If you have additional questions, contact the Bank’s Community Investment Department at (415) 616-2542 or email email@example.com.
President and Chief Executive Officer