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Bulletins and Notices
Bulletin No. 1415 | October 19, 2012

Notice of Community Support and Community Investment Cash Advance Credit Programs

To: All Members and Interested Community Groups

The Bank offers a number of valuable programs and resources to help build strong and vibrant communities. The following targeted grants and credit products, made available through our member financial institutions, are used to support affordable housing and economic development in Arizona, California, Nevada, and other regions served by our members. 

Affordable Housing Program (AHP): Competitive AHP and AHP Set-Aside Programs

Competitive AHP

The Bank makes funds available to members to support affordable homeownership and rental projects in their communities. AHP grants are awarded through a competitive application process. 

Individual Development and Empowerment Account (IDEA) Program

The IDEA Program provides matching grants to help very low- to moderate-income families and individuals who are saving to buy a home of their own. In 2012, the Bank expanded the IDEA program eligibility guidelines to include families and individuals saving to buy a home under a lease-to-own program. The Bank allocates IDEA funds once a year to members based on program eligibility. The next application cycle will take place during the first quarter of 2013.

Workforce Initiative Subsidy for Homeownership (WISH) Program

The WISH Program provides matching grants to working families and individuals who are ready to make the transition from renting to owning. The Bank allocates WISH funds once a year to members based on program eligibility. The next application cycle will take place during the first quarter of 2013.

Access to Housing and Economic Assistance for Development (AHEAD) Program

AHEAD grants, made to Bank members working with local community organizations, support targeted economic development and affordable housing initiatives during the conception and early development stages. The Bank’s Board of Directors allocates AHEAD funds annually, and individual grants are awarded to members based on project eligibility and evaluation of the application. The next application cycle will take place during the second quarter of 2013.

Community Investment Cash Advance (CICA) Credit Programs

Advances for Community Enterprise (ACE)

Members may use ACE credit to provide funds for projects and activities that result in the creation or retention of jobs or provide services or other benefits for low- and moderate-income people and communities. Funds may be used to support community lending and economic development, including small business, commercial and industrial activities, community facilities, and public works. ACE advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities.

Community Investment Program (CIP)

Members may use CIP credit for a variety of targeted financing activities, such as funding mortgages, financing first-time homebuyer programs, and creating and maintaining affordable housing for households with incomes at or below 115% of the area median income. CIP advances are priced lower than regular Bank advances and are available for a variety of credit products in a wide range of maturities. 

Homeownership Preservation Advance (HPA)

Members may use HPA credit to provide funds to modify or refinance mortgage loans for low- and moderate-income homeowners who may be at risk of losing their primary residence because of delinquency or default on a mortgage loan.

Community Investment Letters of Credit

The Bank's standby letters of credit are available at favorable rates to provide credit enhancement and support to the financing of housing and economic development projects that otherwise meet ACE and CIP eligibility requirements. Because the Bank is rated Aaa by Moody's and AA+ by Standard & Poor's, Bank letters of credit may enable you to obtain a Aaa or AA+ rating on tax-exempt bond and note transactions that you support.

Borrowing Capacity for Community Financial Institution (CFI) Members

To promote economic development lending by our CFI members, the Bank provides borrowing capacity to CFI members on small business, small agribusiness, and small farm loans when they are pledged under blanket lien. A CFI is an FDIC-insured depository with average total assets of less than $1,076 million (to be adjusted each year by the annual percentage increase in the Consumer Price Index).

Community Lending Plan Initiatives

As part of the Bank’s annual Community Lending Plan, we:

  • offer application and compliance training and technical assistance for the Bank's programs and products;
  • develop and maintain relationships with community and economic development organizations;
  • link community-based organizations to sources of technical assistance, experienced partners in community development, and advocacy groups;
  • support the involvement and participation of members and housing associates in foreclosure prevention and community recovery initiatives; and
  • support the efforts of members and housing associates to address the housing needs of returning veterans and released prisoners

We encourage you to visit fhlbsf.com for more information on the grant programs and credit programs described in this bulletin. Program application information, news about training and workshops, stories of how members have successfully used our programs, and links to other community reinvestment and lending websites of interest are also available online.

Please call the Community Investment Department at (415) 616-2754 or contact your Relationship Manager to discuss how to take advantage of these valuable resources.

Sincerely,

 

Dean Schultz
President and Chief Executive Officer