SAN FRANCISCO– The Federal Home Loan Bank of San Francisco said it is allocating $4 million to its annual Access to Housing and Economic Assistance for Development (AHEAD) economic development program.
The FHLBSan Francisco said the funds are to be distributed through grants of up to $100,000 throughout Arizona, California, and Nevada.
Since the program’s inception in 2004, FHLBank San Francisco reported it has partnered with its member financial institutions to award over $25 million in grants to about 800 projects that are creating economic opportunity through innovative and targeted initiatives that benefit underserved communities.
‘Invigorated by Impact’
“As we celebrate the 20th anniversary of our AHEAD program, we are invigorated by the positive impact this funding has had in the communities we serve, boosting job creation, skills training, small business support, and other vital programs in our region,” Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco, said in a statement. “Alongside our dedicated member institutions, we are proud that our 2024 AHEAD Program will fund another $4 million in grants and we look forward to witnessing how this program increases economic vitality in the years to come.”
The Projects
FHLBank San Francisco is encouraging its members to partner with local nonprofits, government agencies, and Tribal organizations to submit grant applications for projects that give a boost to low- to moderate-income communities by:
- Creating or preserving jobs
- Delivering job training or education programs
- Supporting small business, microlending, and microenterprise incubation for low-income entrepreneurs
- Addressing the special economic development needs of at-risk youth, veterans, persons with disabilities, the formerly incarcerated, and Tribal communities, among others.
A Dual Mission
As part of a dual mission to provide liquidity and support affordable housing and community development, each FHLBank is required to set aside 10% of its income to fund its Affordable Housing Program. FHLBank San Francisco said it works to exceed that requirement by voluntarily providing an additional 5% of its net income to fund supplemental programs and initiatives that foster economic vitality and community development.
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