Federal Home Loan Bank of San Francisco Now Accepting Applications from Member Financial Institutions for $1 Million in Predevelopment Grants

AHEAD Program Helps Members Support Initiatives that Contribute to the Health and Stability of Their Communities

San Francisco, CA – April 26, 2010 – (RealEstateRama) — The Federal Home Loan Bank of San Francisco is now accepting applications for its 2010 Access to Housing and Economic Assistance for Development (AHEAD) Program, which allows members of the Bank to support economic and housing projects during their critical conception and early development stages. Since the program was launched in 2004, more than $2.5 million in AHEAD Program grants have been awarded to support 94 projects in Arizona, California, and Nevada.

AHEAD provides funding for initiatives that contribute to the health and stability of communities by:

• producing housing, services, or other benefits for low- to moderate-income households and neighborhoods;
• creating or retaining jobs; or
• facilitating public or private infrastructure improvements.

“AHEAD encourages our members and their nonprofit partners to embrace innovative approaches to meeting local needs,” says Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “In a time of limited support for economic development activities, AHEAD grants are an important resource for developing sustainable practices and fostering new social enterprises that can help our communities emerge from this recession stronger and more prosperous.”

AHEAD grants are awarded to a diverse array of projects— ranging from assisting households and neighborhoods hit hard by the foreclosure crisis to expanding small business loans and microfinance in underserved communities—that benefit low- and moderate-income communities. Funds can be used to finance a variety of start-up costs, such as studies and project plans, architectural and other professional services, or organizational and capacity-building activities. With individual grants averaging between $25,000 and $50,000, last year’s 33 grant recipients included:

• Access to Healthcare Network, Inc., working with FHLBank member Charles Schwab Bank, received a grant to develop an Individual Development Account program for healthcare, to enable low-income participants without insurance to save for healthcare expenses.
• Community Housing Partners, working with FHLBank member Citibank, N.A, received a grant to start-up CHP Enterprises, which will train and employ formerly homeless people in a pest control business.
• Mission Asset Fund, working with FHLBank member Citibank, N.A., received a grant to establish the Cestas Populares program to help immigrants establish or improve their credit scores through financial education and peer-to-peer lending groups.
• International Rescue Committee, working with FHLBank member National Bank of Arizona, received a grant to enhance an IRC program that helps low-income refugees establish microenterprise farming businesses.
• West Fresno Healthcare Coalition, working with FHLBank member Union Bank, received a grant to develop a family resource center offering access to integrated support services.

For more information about the AHEAD Program, the application process, and previous grant recipients, visit the Bank’s website at fhlbsf.com. Applications for 2010 AHEAD grants must be submitted by a member of the Bank by June 1, 2010.

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.

Contact: Mary Long, (415) 616-2556
longm (at) fhlbsf (dot) com