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News Release

August 28, 2008
 
Federal Home Loan Bank of San Francisco Awards $500,000 in Predevelopment Grants for Arizona, California, and Nevada
 
San Francisco – The Federal Home Loan Bank of San Francisco today announced $500,000 in 2008 Access to Housing and Economic Assistance for Development (AHEAD) Program grants. The awards will help 15 of the Bank’s member financial institutions support 20 economic development and affordable housing projects during the conception and early development phases.

“Even in the midst of very challenging times, our members and their community partners continue to explore creative roads to community self-sufficiency and innovative remedies for empowerment,” says Marietta Núñez, Vice President, Community Lending, at the Federal Home Loan Bank of San Francisco. “The Bank is pleased to play a part in these critically important efforts and initiatives.”

The AHEAD program supports projects that produce housing, services, or other benefits for low- to moderate-income households, result in the creation or retention of jobs, or facilitate public or private infrastructure projects. For 2008, demand far exceeded supply. The Bank reviewed 78 AHEAD Program letters of intent and invited 30 nonprofit organizations and their member partners to apply for funds. Of that number, 20 applicants received grants of $25,000 each.

This year’s AHEAD awards will support a number of programs aiding households and communities hard-hit by the ongoing foreclosure crisis, along with a variety of innovative economic development and housing initiatives designed to generate benefits for low- and moderate-income communities throughout the 11th District. (Descriptions of the 2008 AHEAD Program grant recipients are available on fhlbsf.com.)

AHEAD grants can be used for a wide array of eligible purposes, ranging from paying predevelopment engineering and legal fees for an affordable rental housing project to providing seed money to start small businesses or start-up financing for social services. Since the program was launched in 2004, the Bank has awarded more than $1.5 million in AHEAD Program funds to support 61 projects in Arizona, California, and Nevada.

About the Federal Home Loan Bank of San Francisco
The 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@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

News Release

August 28, 2008
 
Federal Home Loan Bank of San Francisco Awards $500,000 in Predevelopment Grants for Arizona, California, and Nevada
 
San Francisco – The Federal Home Loan Bank of San Francisco today announced $500,000 in 2008 Access to Housing and Economic Assistance for Development (AHEAD) Program grants. The awards will help 15 of the Bank’s member financial institutions support 20 economic development and affordable housing projects during the conception and early development phases.

“Even in the midst of very challenging times, our members and their community partners continue to explore creative roads to community self-sufficiency and innovative remedies for empowerment,” says Marietta Núñez, Vice President, Community Lending, at the Federal Home Loan Bank of San Francisco. “The Bank is pleased to play a part in these critically important efforts and initiatives.”

The AHEAD program supports projects that produce housing, services, or other benefits for low- to moderate-income households, result in the creation or retention of jobs, or facilitate public or private infrastructure projects. For 2008, demand far exceeded supply. The Bank reviewed 78 AHEAD Program letters of intent and invited 30 nonprofit organizations and their member partners to apply for funds. Of that number, 20 applicants received grants of $25,000 each.

This year’s AHEAD awards will support a number of programs aiding households and communities hard-hit by the ongoing foreclosure crisis, along with a variety of innovative economic development and housing initiatives designed to generate benefits for low- and moderate-income communities throughout the 11th District. (Descriptions of the 2008 AHEAD Program grant recipients are available on fhlbsf.com.)

AHEAD grants can be used for a wide array of eligible purposes, ranging from paying predevelopment engineering and legal fees for an affordable rental housing project to providing seed money to start small businesses or start-up financing for social services. Since the program was launched in 2004, the Bank has awarded more than $1.5 million in AHEAD Program funds to support 61 projects in Arizona, California, and Nevada.

About the Federal Home Loan Bank of San Francisco
The 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@fhlbsf.com



© 2000-2008 Federal Home Loan Bank of San Francisco