SAN FRANCISCO – April 11, 2018 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is providing $9.5 million to fund matching grants for first-time homebuyers, with $8.9 million allocated to its 2018 Workforce Initiative Subsidy for Homeownership (WISH) Program and $600,000 allocated to its 2018 Individual Development and Empowerment Account (IDEA) Program.
Funding for the WISH and IDEA programs is set aside each year from the Bank’s annual Affordable Housing Program contribution, and grants are disbursed to eligible homebuyers through the cooperative’s member financial institutions. With the 2018 allocation, 44 FHLBank San Francisco members will use WISH and IDEA funds to assist homebuyers in Arizona, California, Nevada, and other states where Bank members do business. Six of these members are first-time participants. Visit the Bank’s website for a list of members participating in WISH and IDEA this year.
“Homeownership is a powerful tool to use to narrow the wealth gap for lower-income households and help create more stable communities,” said Marietta Núñez, Vice President and Community Investment Officer at FHLBank San Francisco. “Increasing homeownership is an important part of the Bank’s mission, and we are proud that our matching grants help families and individuals benefit in such tangible ways from homeownership.”
The WISH and IDEA first-time homebuyer programs offer eligible low- and moderate-income households 3-to-1 matching grants of up to $15,000 for the purchase of a home, which can be applied to the downpayment or closing costs.
WISH grants can complement or supplement a variety of local, state, and federal homeownership programs and are targeted to working families and individuals who are ready to make the transition from renting to owning. The IDEA Program is directed at homebuyers who have been saving for the purchase of their first home through an Individual Development Account or participating in their local housing authority’s Family Self-Sufficiency homeownership program or a lease-to-own program administered by a nonprofit or government entity.
Since 2000, the Bank has funded $89.3 million in WISH and IDEA matching grants, helping more than 6,700 households become homeowners. Visit fhlbsf.com to meet some of our previous homeownership grant recipients, including the Kabayiza family of Tucson, Arizona, and the Huerta family of Stockton, California.
About 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 mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community 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.