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Bulletins and Notices
Bulletin No. 1373 | January 6, 2011

2011 WISH and IDEA Homeownership Programs

To All Members and Interested Community Groups:

I am pleased to announce the start of the application period for the Federal Home Loan Bank of San Francisco’s 2011 Affordable Housing Program (AHP) set-aside homeownership programs for low- to moderate-income households—the Workforce Initiative Subsidy for Homeownership (WISH) Program and the Individual Development and Empowerment Account (IDEA) Program.

Applications from members for a reservation of funds will be accepted from January 18 to February 18, 2011. Members of the Bank may apply for a funds reservation of up to $1 million for each program. Only Bank members may apply. We expect to notify members of the awards by March 31, 2011. All funds awarded in 2011 must be used by March 31, 2012.

Each year, the Bank sets aside a percentage of its annual AHP contribution to provide matching grant funds to eligible first-time homebuyers for downpayment and closing cost assistance. Through participating member financial institutions, the WISH and IDEA first-time homebuyer programs offer up to $15,000 to eligible households, matching $3 for every dollar contributed by the homebuyer.

Both programs offer Bank members a unique opportunity to promote homeownership for first-time homebuyers while achieving community investment goals.

  • WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning. WISH can complement or supplement a number of local, state, and federal homeownership programs and initiatives.
  • IDEA is directed at homebuyers who have been saving for the purchase of their first home through an Individual Development Account (IDA) or participating in their local housing authority’s Family Self-Sufficiency (FSS) homeownership program. Since its inception in 2000, the IDEA Program has been at the forefront of efforts and initiatives to expand asset development for low-income households.

Applications and related program materials are available on the Bank’s website. If you would like additional information, please email the Community Investment Department or call (415) 616-2542.

Sincerely,

 

Dean Schultz
President and Chief Executive Officer