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 – May 12, 2009 – (RealEstateRama) — The Federal Home Loan Bank of San Francisco is now accepting applications for its 2009 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 $1.5 million in AHEAD Program grants have been awarded to support 61 projects in Arizona, California, and Nevada. With demand for grants far exceeding supply, the Bank’s Board of Directors doubled the funding for the program in 2009, from $500,000 to $1 million.

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 plays an important role in accomplishing the Bank’s mission of fostering strong and vibrant communities through economic development. And it helps strengthen relationships between our members and their nonprofit partners.” says Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “In a time of declining resources, AHEAD grants can give a significant early boost to important projects and help the recipient leverage other sources of funding.”

AHEAD grants are awarded to a diverse array of projects—ranging from small business incubation and job training to financial literacy and foreclosure prevention—that address the specific needs of 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. Previous grant recipients include:

• Taller San Jose, working with FHLBank San Francisco member Citibank, N.A., received a grant to start up Hope Builders, a residential construction venture that puts graduates of TSJ’s building trades training program for at-risk youth to work building affordable housing in Santa Ana.
• East Bay Asian Local Development Corporation, working with FHLBank San Francisco member Charles Schwab Bank, received a grant to establish two new financial literacy programs, one specifically targeted to youth and the other to adults.
• The Unity Council, working with FHLBank member Citibank, N.A., received a grant to start up a social enterprise sewing service/training program with a modular curriculum to prepare workers for higher-level employment opportunities.
• A Better LA, working with FHLBank San Francisco member Kinecta Federal Credit Union, received a grant to launch a financial education initiative, including financial planning and money management, to empower residents of South Los Angeles.
• International Sonoran Desert Alliance, working with FHLBank San Francisco member National Bank of Arizona, received a grant to support a micro-business incubator to revitalize a former mining town by attracting artist-entrepreneurs and other small businesses to the town center.

For more information about the AHEAD Program<, the application process, and previous grant recipients, visit the Bank’s website at fhlbsf.com. Applications for 2009 AHEAD grants must be submitted by a member of the Bank by May 29, 2009. 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