FHLBank San Francisco Unveils New $10 Million Downpayment Assistance Program for Middle-Income Homebuyers in Arizona, California, Nevada

SAN FRANCISCO, May 11, 2023 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today an inaugural $10 million Middle-Income Downpayment Assistance matching grant pilot program to help make the American dream of owning a home a reality for middle-income families and individuals. Aimed at providing an innovative solution that fosters homeownership – an increasingly greater struggle for middle-income households squeezed by high interest rates and an already high-cost housing market – FHLBank San Francisco’s new program offers grants of up to $50,000, delivered by participating member financial institutions, to qualifying families and individuals earning just over 80% and up to 140% of area median income in Arizona, California, and Nevada. 

"The dream of homeownership – which remains critical to building generational wealth for individuals and families – continues to be elusive for so many who do not have the funds for a downpayment on a home,” said Teresa Bryce Bazemore, CEO and president of FHLBank San Francisco. “This program is an important step forward in directing vital resources to those who make up the ‘missing middle’—including our teachers, our firefighters, and other hard-working members of our communities — so they can put down roots and secure a brighter, more financially stable future. Fostering homeownership is core to our mission, and we believe that enabling more middle-income earners who can afford a mortgage to move from renting to owning also has the benefit of increasing the supply of affordable rental options in our region. We look forward to partnering with our members on this new program, to make a difference in the communities we serve.” 

This program is an important component of an initiative to voluntarily increase the Bank’s annual commitment to community programs. In 2023, as part of FHLBank San Francisco’s mission, the board of directors voted to voluntarily allocate up to an additional 5% of the Bank’s annual net income to funding economic development and homeownership grant programs and special purpose credit programs that enrich people’s lives and revitalize communities. 

With the Middle-Income Downpayment Assistance program, eligible homebuyers who contribute a minimum of $10,000 may qualify for a grant of up to $50,000 to assist with their downpayment and closing costs. These funds can complement assistance from local, state, and federal homeownership programs and initiatives, providing even more opportunities for middle-income families to achieve their dreams. To be eligible for these funds, an applicant must be a first-time homebuyer, fulfill income eligibility requirements, complete a homebuyer counseling program, and purchase an eligible property as their primary residence in Arizona, California, or Nevada. Interested homebuyers should contact a participating member financial institution directly to learn more about enrollment in the Middle-Income Downpayment Assistance program. This list will be updated with additional member participants periodically.

For more information on the Middle-Income Downpayment Assistance program, visit fhlbsf.com.

About the 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 build strong 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—help finance affordable housing projects, propel homeownership, drive economic growth, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient and changing lives for the better.

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