SAN FRANCISCO, CA - The Federal Home Loan Bank of San Francisco today announced that it has awarded more than $1 million in Access to Housing and Economic Assistance for Development (AHEAD) Program grants to boost economic development and affordable housing projects in Arizona, California, and Nevada.
With individual grants averaging between $25,000 and $50,000, these grants will help 15 of the Bank's member financial institutions support 33 projects during the critical conception and early development phases. The AHEAD Program is funded annually at the discretion of the Bank's Board of Directors, which doubled the amount of funding available for AHEAD in 2009 in response to strong demand from members and their community partners. The Bank reviewed 145 grant applications requesting a total of $6.2 million before selecting the winners.
"The Bank established the AHEAD Program to support programs and initiatives that will have a lasting impact on our communities," says Marietta Núñez, Vice President, Community Lending, at the Federal Home Loan Bank of San Francisco. "We believe now is not the time to pull back from exploring new ventures and thoughtful proposals or from helping community organizations replicate successful models from other regions. We are pleased that these grants encourage our members and their nonprofit partners to embrace innovative approaches to promoting community stability and economic achievement in the communities they serve."
AHEAD provides funding for initiatives that foster strong communities and stimulate economic development by producing housing, social services, or other benefits for low- to moderate-income households; creating or preserving jobs; or facilitating public or private infrastructure projects. AHEAD funds can be used to finance a variety of start-up costs, such as studies and project plans, consulting and other professional services, or organizational and capacity-building activities.
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Source: Federal Home Loan Bank