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Workforce Initiative Subsidy for Homeownership (WISH) Program

Under the WISH Program, the Bank sets aside a portion of its annual Affordable Housing Program contribution to provide matching grants through Bank members for downpayment and closing cost assistance to eligible first-time homebuyers.


Key Advantages

Key Features and Guidelines

Funds Available

The Bank expects to set aside a percentage of its annual AHP contribution each year to fund the WISH Program and will reserve funds for households on a first-come, first-served basis until funds allocated to each program for the year have been exhausted.


Application deadlines and materials are typically posted on the Bank's website at the beginning of the year. 

Members must submit:

Homebuyer Eligibility

To be eligible for WISH funds, the homebuyer must meet the following eligibility criteria:

*Enrollment in the WISH Program does not guarantee the homebuyer receipt of WISH funds.

Use of Funds

WISH funds may only be used toward downpayment or reasonable and customary closing costs in association with the purchase of a housing unit to be used as the primary residence of the homebuyer. WISH funds may not be used by the member or the homebuyer in conjunction with projects or units receiving other subsidies from the Bank through its competitive AHP or other set-aside programs.

Disbursement of Funds

The Bank will reimburse the member after receipt of the Closing Disclosure showing that the amount of subsidy requested was passed on to the homebuyer and used for eligible purposes. If the Closing Disclosure or other closing documents show cash back to the homebuyer in an amount greater than $250, then the AHP set-aside subsidy that the Bank will reimburse to the member for the homebuyer will be reduced unless the member and the homebuyer provide sufficient documentation showing that the cash back was used for downpayment or reasonable and customary closing costs, to pay down the mortgage principal, or as a credit toward the household's monthly payment on the mortgage loan.

In addition, the member must submit certain certifications and sufficient documentation prior to the disbursement of funds, including:

Disbursement requests with all supporting documentation must be received by the Bank within two months of the date that the homebuyer closes on the purchase transaction. Any outstanding documentation for the submitted disbursement request must be received by the Bank within four months from the date that the Bank receives the disbursement request. If the member does not comply with these deadlines, the Bank reserves the right to decline the reimbursement of subsidy to the member.

Time Limits for Use of Subsidy

WISH Program funds that are reserved in a given year must be used by the member to assist eligible households before March 31 of the following year. Home purchase escrows opened on or prior to March 31 of the following year may be considered eligible for reimbursement.

Additional Guidelines

The WISH Program is part of the Bank’s Affordable Housing Program and is administered in accordance with the Federal Home Loan Bank Act, the applicable regulations and policies of the Federal Housing Finance Agency, and the applicable requirements and policies of the Bank, including, without limit, the Bank’s AHP Implementation Plan, all as amended from time to time. Members participating in the WISH Program must execute an Affordable Housing Program Direct Subsidy Agreement—Homeownership Set-Aside Program and must meet the Bank’s standards of creditworthiness.


Last Modified: January 2020