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 2013 Affordable Housing Program (AHP) set-aside homeownership programs—the Workforce Initiative Subsidy for Homeownership (WISH) Program and the Individual Development and Empowerment Account (IDEA) Program. The 2013 application window opens on January 11 and closes on February 11.
The WISH and IDEA first-time homebuyer programs offer up to $15,000 to eligible low- to moderate-income households, matching $3 for every dollar contributed by the homebuyer. The funds for these matching grants are set aside each year from the Bank’s annual AHP contribution and made available through our member financial institutions. Grants can be used for downpayment and closing costs.
Members of the Bank may apply to reserve up to $1 million in funds for each program. Only Bank members may apply. We expect to notify members of the awards by March 31, 2013. All funds awarded in 2013 must be used by March 31, 2014, and members must submit disbursement requests with supporting documentation within two months of the date the home purchase closes. (Please note this is a change from the four-month requirement in 2012.)
Both programs offer Bank members a unique opportunity to promote affordable and sustainable homeownership for first-time homebuyers while achieving community investment goals.
President and Chief Executive Officer