SAN FRANCISCO – September 4, 2012 – The Federal Home Loan Bank of San Francisco announced today that it has awarded $1 million in grants through its Access to Housing and Economic Assistance for Development (AHEAD) Program. The grants, which are made through the Bank’s member financial institutions, will be used by nonprofit organizations in Arizona, California, and Nevada for projects and programs that foster economic development and promote community stability and self-sufficiency.
The AHEAD Program enables Bank members to give a critical, early boost to local programs and projects that target critical community development needs and:
- create or preserve jobs,
- facilitate public or private infrastructure projects, or
- produce housing, social services, or other benefits for low- to moderate-income households.
AHEAD funds can be used to finance a variety of predevelopment costs, ranging from studies and project plans to consulting fees or marketing, organizational, and capacity-building activities. Demand for this early funding continues to grow: this year the Bank reviewed 184 applications requesting more than $8 million in AHEAD funding before selecting 30 AHEAD grant winners.
“The Bank is pleased to be a resource for our members and their neighborhood partners who are looking for support for creative responses to urgent community needs,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “Once again, the AHEAD Program is being tapped to plant seeds and grow capacity for efforts to address issues ranging from the environment, employment and job training, and distressed and destabilized communities, to the plight of returning and disabled veterans -- needs that are both local and felt in so many places.”
This year, 18 Bank members will be supporting 30 important initiatives addressing a wide variety of needs and populations, including projects and programs designed to:
- create or expand job training programs and employment readiness services specifically targeting at-risk youth, homeless mothers, returning veterans, released prisoners, and others
- promote equitable transit-oriented development and reduce the combined costs of housing transportation in Los Angeles County
- develop creativity and imagination among incarcerated youth and young people on probation
- create a leadership institute for members of business cooperatives
- provide technical assistance and support to establish or grow healthy-food enterprises
- expand capacity for targeted microlending and other financial services programs
“The AHEAD Program allows us to strengthen relationships between Bank members and nonprofit groups that have special expertise in economic and community development,” said Stephen P. Traynor, Senior Vice President, Financial Services and Community Investment at the Bank. “We are pleased that our grants will help get these projects off the ground.”
Funding for AHEAD is determined annually by the Bank’s Board of Directors. Since the program began in 2004, the Bank has awarded more than $5 million in AHEAD funds to support 192 projects and programs in Arizona, California, and Nevada.
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 are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.