Tri Counties Bank Awards $100,000 in AHEAD Economic Development Grants to Assist with Low-Income Housing and Financial Education

CHICO, Calif.--(BUSINESS WIRE)--Tri Counties Bank, in collaboration with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and its AHEAD economic development grant program, announced donations of $50,000 each to Community Housing Improvement Program (CHIP) and the California Coalition of Rural Housing (CCRH).

“Tri Counties Bank is proud to assist our community partners to obtain grants that benefit much-needed programs,” said Danna Prater, Vice President and Director of Community Development at Tri Counties Bank. “These grants will provide training to low-income individuals, as well as funding to rural and tribal individuals pursing higher education.”

The AHEAD program enables FHLBank San Francisco members like Tri Counties Bank to give a critical boost to local programs and projects that address pressing community needs and bring greater opportunities to underserved populations. Projects supported by this year’s grant include housing assistance and providing financial education to low-income individuals.

CHIP works to address the affordable housing crisis in rural Northern California counties by creating homes and rental properties specifically for low-income individuals. CHIP, based in Chico, operates a self-help housing program in which families can build new, single-family homes and contribute a minimum of 65 percent of the labor required to complete their home. The $50,000 grant to CHIP will be used to hire and train two homebuyers, who have completed construction on their home, to become construction supervisors on other CHIP projects.

CCRH, based in Sacramento, promotes the production and preservation of affordable homes for low-income, rural Californians through a range of products and services, including technical assistance, financial education, research, and advocacy. The $50,000 grant to CCRH will help provide financial education and matching funds through an Individual Development Account (IDA) for 50 low-income rural and tribal individuals pursuing a college degree.

AHEAD grants are awarded annually and delivered through FHLBank San Francisco’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities. Since the program’s inception in 2004, FHLBank San Francisco has awarded more than $25 million in AHEAD grants to over 800 economic development projects in Arizona, California, and Nevada. In 2023, FHLBank San Francisco’s board of directors allocated $4 million to the AHEAD program, more than doubling the funding in prior years, and awarded grants to 75 projects. Tri Counties Bank applied for grants in partnership with both CHIP and CCRH, and was awarded both grants after a competitive selection process.

“Each year, we are inspired by the wide range of impactful programs that are brought to us by our member institutions through the AHEAD grant program,” said Eric Cicourel, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We were particularly encouraged by the large number of unique members who participated in this cycle, including Tri Counties Bank. These financial institutions are pillars in their communities and have an intimate understanding of the needs of the communities they serve. We are proud to partner with our members to extend a lifeline to so many compelling and deserving organizations.”

For those interested in applying for the AHEAD program in 2024, visit https://www.fhlbsf.com.

About Tri Counties Bank

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of almost $10 billion and nearly 50 years of financial stability. Tri Counties Bank provides a unique brand of Service With Solutions® for communities throughout California with a breadth of personal, small business and commercial banking services, plus an extensive branch network, access to approximately 40,000 surcharge-free ATMs nationwide, and advanced mobile and online banking. Tri Counties Bank participates in the Cities for Financial Empowerment (CFE) Fund’s BankOn program that seeks to ensure that everyone has access to safe and affordable financial products and services. Visit TriCountiesBank.com to learn more. Member FDIC. Equal Housing Lender. NMLS #458732

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 — propel homeownership and expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.