San Francisco, CA – April 8, 2010 – (RealEstateRama) — The Federal Home Loan Bank of San Francisco has allocated $14.6 million to its 2010 Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and Empowerment Account (IDEA) first-time homebuyer programs. In this award cycle, 30 of the Bank’s member financial institutions reserved $10.25 million in WISH funds and $4.35 million in IDEA funds to help lower-income families and individuals become homeowners in Arizona, California, Nevada, and other states where Bank members do business. Nine institutions are participating in these programs for the first time.
Both WISH and IDEA are matching grant programs that offer up to $15,000 to eligible households toward the purchase of a home, matching $3 for every $1 contributed by the first-time homebuyer. Funds are made available through the Bank’s member financial institutions to households earning up to 80% of area median income and can be used for downpayment and closing costs, which are among the most significant barriers to homeownership. Both programs require participants to complete a homebuyer counseling program administered by an experienced organization.
“We are gratified by our members’ response to this year’s homeownership program offerings and their eagerness to extend credit in our communities in challenging times,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “By using our matching grant programs to help hard-working families become homeowners, our members are supporting these first-time homebuyers in their resolve to make a long-term commitment to their community and bringing stability to neighborhoods suffering from foreclosures and job losses.”
WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning and can complement or supplement a myriad of local, state, and federal homeownership programs and initiatives. The IDEA program is directed at homebuyers who have been saving for the purchase of their first home through an Individual Development Account (IDA) or participating in their local housing authority’s Family Self-Sufficiency (FSS) homeownership program. Since its inception in 2000, the IDEA Program has been at the forefront of efforts and initiatives to expand asset development for low-income households.
The Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Mary Long, (415) 616-2556
longm (at) fhlbsf (dot) com