Bank Announces $1 Million Matching Grant Program Aimed at Narrowing the Black Homeownership Gap by Expanding Access to Expert Housing Counseling Services
New Empowering Black Homeownership grants will flow through the Bank’s member financial institutions to housing counseling agencies in targeted areas
SAN FRANCISCO – March 1, 2022 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making $1 million available to help expand the capacity of HUD-approved housing counseling agencies to serve more aspiring and at-risk homeowners in communities of color. The Empowering Black Homeownership grant program is a key component of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps.
The program allows eligible FHLBank San Francisco member financial institutions to request dollar-for-dollar matching grants up to a total matching amount of $125,000. The grants will be made to approved housing counseling agencies (HCAs) and used for HUD-eligible activities in 2022 - 2023, including staffing, marketing, and pre-and post-purchase counseling.
“Knowledge is power, and this funding can help ensure that Black homebuyers and homeowners have equal access to all the information they need to feel confident in their own ability to purchase a home or sustain homeownership,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “Empowering Black Homeownership grants are an important new way the Bank can partner with our members to advance racial equity; we are providing financial support to HCAs that directly serve populations that have been historically disadvantaged when it comes to building wealth through homeownership.”
Historically, homeownership is a primary wealth builder in America, passed down through generations. Communities of color are often at a disadvantage and systemically challenged with tighter lending standards, higher debt-to-income ratios, lower liquid savings, and thus a disproportionate risk of foreclosures. Empowering Black Homeownership grants target providing education to Black homeowners and homebuyers who continue to face such hurdles in advancing their financial stability and also that of their children and grandchildren.
“These grants will help hardworking people obtain the necessary resources to guide them through the homebuying and owning process,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “The tools and knowledge available through expert counseling are lifelong lessons to ensure confidence and successful homeownership.”
For more information about the Bank’s dedication to supporting housing opportunity, visit www.fhlbsf.com/community-programs.
About Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California and Nevada strengthen communities, create opportunity and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies and community development financial institutions — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.