FHLBank San Francisco Now Accepting Applications from Members for $1 Million in Predevelopment Funding

SAN FRANCISCO--(EON: Enhanced Online News)--The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is now accepting grant applications for its 2012 Access to Housing and Economic Assistance for Development (AHEAD) Program, which supports targeted economic development initiatives and affordable housing projects during their critical conception and early development stages. The 2012 application deadline is June 4, 2012.

“In this environment of diminishing resources for community development, the Bank is proud to be able to make $1 million available to support our members’ involvement in promoting economic development, stability, and self-sufficiency in the communities they serve”

AHEAD grants are made through Bank members to local community groups initiating projects or programs aimed at fostering economic development and promoting community stability and self-sufficiency by:

creating or preserving jobs,
facilitating improvements to public or private infrastructure, or
producing housing or providing social services or other benefits for low- to moderate-income households and neighborhoods.

“In this environment of diminishing resources for community development, the Bank is proud to be able to make $1 million available to support our members’ involvement in promoting economic development, stability, and self-sufficiency in the communities they serve,” said Marietta Núñez, Vice President, Community Lending, at FHLBank San Francisco. “Previous grants have gone to a variety of innovative and effective projects that are now producing jobs and other benefits, bringing hope to hard-hit communities. We look forward to seeing more such solutions.”

AHEAD is designed to help good ideas get off the ground. Funds can be used to finance a variety of start-up costs, such as studies and project plans, architectural and other professional services, or organizational and capacity-building activities. With individual grants ranging between $20,000 and $50,000, last year’s grant recipients had a wide variety of goals, including:

creating or expanding job training programs and employment services targeted specifically to at-risk youth, low-income immigrant populations, recovery program participants, and others
incubating or growing entrepreneurial social enterprises that generate living-wage jobs
facilitating commercialization of emerging clean energy and environmental technology companies
providing technical assistance and support to establish or grow healthy-food enterprises in underserved areas
implementing site improvement and economic development plans on a Native American campground to create a multi-generational affordable housing village designed for families, children being raised by relatives, and transition-aged youth.

Since the program was launched in 2004, more than $4 million in AHEAD Program grants have been awarded to support 162 projects in Arizona, California, and Nevada. For more information about the AHEAD Program, the application process, and previous grant recipients, visit the Bank’s website at fhlbsf.com. Applications will only be accepted from members of the Bank and must be submitted by June 4, 2012.

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 mortgage loans 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 are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.