Bank Notes

Update: On October 12, 2022, the Bank announced the Empowering Black Homeownership matching grant program, in partnership with its financial institution members, delivered more than $2.2 million to 22-HUD approved counseling agencies to help them better serve homebuyers and homeowners in communities of color. Thank you to all who participated in the highly successful Empowering Black Homeownership matching grant program. Funds for the Empowering Black Homeownership program are now exhausted and the Bank is no longer accepting applications for the matching grant program. Read more about the announcement by visiting the Bank's newsroom.
 

(Original Bank Notes story published on July 14, 2022 continues) - With a grateful shoutout to members already participating, we want to remind all our members that about $250,000 of this $1 million matching grant program, aimed at narrowing the black homeownership and wealth gap by expanding access to expert housing counseling services, is still available. 

We are pleased to report that since launching our Empowering Black Homeownership matching grant program in March of 2022, nine of our member financial institutions have signed on to partner with us to support expanding access to HUD-approved Housing Counseling Agencies (HCAs). This funding is specifically targeted to enable HCAs to serve more aspiring and at-risk homeowners in communities of color and is a key component of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps.

We are immensely grateful to the following members who are currently participating in our Empowering Black Homeownership matching grant program to support the vital work of HCAs in the communities they serve: 

• Bank of the West – (East Bay (Richmond) Neighborhood Housing Services, Neighborhood Housing Services of Los Angeles County, and Operation HOPE)
• City National Bank – (Neighborhood Housing Services of Los Angeles County)
• Farmers & Merchants Bank of Long Beach – (Neighborhood Housing Services of Los Angeles County, NeighborWorks Orange County)
• First Republic Bank – (East Bay (Richmond) Neighborhood Housing Services, Shalom Center for T.R.E.E. of Life)
• Luther Burbank Savings  – (Neighborhood Housing Services of Los Angeles County, NeighborWorks Orange County)
• Mechanics Bank  –  (East Bay (Richmond) Neighborhood Housing Services, Ventura County Community Development Corporation)
• MUFG Union Bank, NA – (Urban League of San Diego County)
• Pacific Western Bank – (Neighborhood Housing Services of Los Angeles County, NeighborWorks Orange County, and Ventura County Community Development Corporation)
• Tri Counties Bank – (Community Housing Development Corporation, Greater Sacramento Urban League, San Francisco Housing Development Corporation, and Self-Help Enterprises)

There are still funds (approximately $250,000) available for matching your grants to Housing Counseling Agencies (HCAs) operating in the underserved communities where you do business! Members can request a contribution in two easy steps:

• Complete a Certificate and Disbursement Request form.
• Submit the request to outreach@fhlbsf.com.

Program Launch News Release: 

Bank Announces $1 Million Matching Grant Program Aimed at Narrowing the Black Homeownership Gap by Expanding Access to Expert Housing Counseling Services

New Empowering Black Homeownership grants will flow through the Bank’s member financial institutions to housing counseling agencies in targeted areas

SAN FRANCISCO – March 1, 2022 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making $1 million available to help expand the capacity of HUD-approved housing counseling agencies  to serve more aspiring and at-risk homeowners in communities of color. The Empowering Black Homeownership grant program is a key component of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps.

The program allows eligible FHLBank San Francisco member financial institutions to request dollar-for-dollar matching grants up to a total matching amount of $125,000. The grants will be made to approved housing counseling agencies (HCAs) and used for HUD-eligible activities in 2022 - 2023, including staffing, marketing, and pre-and post-purchase counseling.

“Knowledge is power, and this funding can help ensure that Black homebuyers and homeowners have equal access to all the information they need to feel confident in their own ability to purchase a home or sustain homeownership,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “Empowering Black Homeownership grants are an important new way the Bank can partner with our members to advance racial equity; we are providing financial support to HCAs that directly serve populations that have been historically disadvantaged when it comes to building wealth through homeownership.”

Historically, homeownership is a primary wealth builder in America, passed down through generations. Communities of color are often at a disadvantage and systemically challenged with tighter lending standards, higher debt-to-income ratios, lower liquid savings, and thus a disproportionate risk of foreclosures. Empowering Black Homeownership grants target providing education to Black homeowners and homebuyers who continue to face such hurdles in advancing their financial stability and also that of their children and grandchildren.

“These grants will help hardworking people obtain the necessary resources to guide them through the homebuying and owning process,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “The tools and knowledge available through expert counseling are lifelong lessons to ensure confidence and successful homeownership.”

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