FHLBank San Francisco Helps Make Homeownership a Reality for First-Time Buyers with Matching Grant Program
43 Participating Member Banks and Credit Unions Can Access $11.1 million Allocation to Provide Downpayment Assistance to First-Time Homebuyers
SAN FRANCISCO – June 7, 2022 – FHLBank San Francisco is making $11.1 million available to fund its WISH homeownership matching grant program. In 2022, 43 FHLBank San Francisco member financial institutions headquartered in Arizona, California, and Nevada, are participating to assist eligible low- to moderate-income first-time homebuyers who can receive up to $22,000 in downpayment assistance.
To expand access to quality affordable and sustainable housing, WISH offers downpayment and closing cost assistance to help families overcome the most significant barriers to homeownership and build wealth. Since the launch of WISH in 2000, FHLBank San Francisco has funded more than $128 million in matching grants, assisting nearly 9,000 families achieve the dream of homeownership.
“Homeownership remains the primary way families can build wealth in America, meaning these grants do more than just provide a roof for a family,” said Teresa Bryce Bazemore, CEO and president of FHLBank San Francisco. “WISH grants not only help make the American dream of homeownership achievable, but they also contribute to economic advancement for both underserved communities and future generations.”
FHLBank San Francisco’s WISH program offers eligible low- to moderate-income households 4-to-1 matching grants of up to $22,000 that can be applied to downpayment and closing costs for the purchase of a home. The grants are targeted to working families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state, and federal grant and mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration-insured mortgages.
“It’s been gratifying to see the WISH program stabilize and revitalize neighborhoods across Arizona, California, Nevada, and other areas served by our members,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “Thanks to the support and dedication of our member institutions, we’re proud to continue our legacy of providing affordable and sustainable solutions to expand homeownership.”
Visit fhlbsf.com for more information on these and other FHLBank San Francisco grant programs. Potential homebuyers interested in these programs should contact a currently participating member institution directly to learn more about enrollment.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions—commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions—foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.