To All Members and Interested Community Groups:
The Access to Housing and Economic Assistance for Development (AHEAD) Program allows our members to support economic development and housing projects during the critical conception and early development stages. I am pleased to announce that the Bank’s Board of Directors doubled funding for AHEAD in 2009, from $500,000 in 2008 to $1 million. Individual awards are expected to average $25,000 to $50,000.
AHEAD provides funding for projects that contribute to the health and stability of our communities by producing housing, services, or other benefits for low- to moderate-income households and neighborhoods; creating or retaining jobs; or facilitating public or private infrastructure improvements. Funds can be used to finance a wide variety of start-up costs, ranging from studies and project plans to architectural and other professional services. Last year, AHEAD grants supported innovative initiatives designed to incubate small businesses, train young people for jobs, deliver essential social services, provide financial literacy education, and prevent foreclosures.
For 2009, the Bank has streamlined the AHEAD grant application process. Letters of intent are no longer required. Applications will be accepted between May 1, and May 29, 2009, and the Bank plans to notify members and sponsors of the amount of funds, if any, awarded to their project by August 18, 2009.
I encourage you to participate in our AHEAD program to help address pressing affordable housing and economic development needs in our communities. For more information about the program, application process, and previous award recipients, please visit fhlbsf.com. If you have additional questions, contact the Bank’s Community Investment Department at (415) 616-2542 or email email@example.com.
President and Chief Executive Officer