FHLBank San Francisco Awards $1 Million for Economic Development Initiatives and Affordable Housing Projects in Arizona, California, and Nevada

SAN FRANCISCO--(BUSINESS WIRE)--The Federal Home Loan Bank of San Francisco announced that it awarded $1 million in Access to Housing and Economic Assistance for Development (AHEAD) Program grants to support economic and community development and affordable housing projects in Arizona, California, and Nevada.

“The AHEAD Program allows us to help strengthen relationships between Bank members and nonprofit groups that have special expertise in economic and community development”

AHEAD grants, which average between $20,000 and $50,000, give a critical, early boost to projects and programs that address pressing local needs and can be used to finance a variety of start-up costs, ranging from studies and projects plans to consulting fees or marketing, organizational, and capacity building activities. These predevelopment grants support initiatives that can:

produce housing, social services, or other benefits for low- to moderate-income households;
facilitate public or private infrastructure projects; or
create or preserve jobs.

“Economic development is what we are all focused on right now,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “More than half of the projects funded in this cycle are directly aimed at jobs—creating or preserving them, supporting the small businesses and social enterprises that generate them, or developing well-targeted job training programs. We are pleased that our members and their partners can leverage AHEAD grants to spur this kind of economic activity in distressed communities.”

AHEAD encourages the Bank’s member financial institutions and their nonprofit partners to embrace innovative approaches to fostering economic development and promoting stability and self-sufficiency in the communities they serve. This year, 19 members will be supporting 40 important initiatives, including projects and programs that will:

restart affordable housing projects that have stalled due to budget cuts at the state and local levels
create or expand job training programs targeted specifically to young mothers, homeless adults, residents of public housing, at-risk youth, and others
incubate or grow entrepreneurial social enterprises that generate living-wage jobs
supply letters of credit to landlords to help low-income and formerly homeless families rent housing in the private market
provide community check cashing and credit-building services to the unbanked
offer low-income immigrant women an opportunity to learn English and develop basic English skills through a multi-media training program inspired by Latin American-style telenovelas
teach parenting skills and financial literacy to teenage mothers
connect local scientists with students in need of algebra tutoring and mentoring

Funding for AHEAD is determined annually by the Bank’s Board of Directors. Since the program began in 2004, the Bank has awarded more than $3 million in AHEAD funds to support 134 projects and programs in Arizona, California, and Nevada. “The AHEAD Program allows us to help strengthen relationships between Bank members and nonprofit groups that have special expertise in economic and community development,” said Stephen P. Traynor, Senior Vice President, Financial Services and Community Investment at the Bank. “The caliber of proposed projects was especially impressive this year, and we are pleased that our grants will help get them off the ground.”

This year the Bank reviewed 149 applications requesting more than $7 million in funding before selecting 40 winners. More information about the AHEAD program and details about the projects receiving 2010 AHEAD grants are available on fhlbsf.com.

About the Federal Home Loan Bank of San Francisco

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.