The Federal Home Loan Bank of San Francisco — a member-driven cooperative helping lenders in Arizona, California, and Nevada — is providing $11 million in grants through its Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and Empowerment Account (IDEA) matching grant programs.
Through the programs, implemented by 36 participating FHLBank San Francisco member financial institutions, including Greater Nevada Credit Union and WestStar Credit Union in Nevada, eligible first-time homebuyers can receive up to $22,000 in down payment assist, eligible low- to moderate-income first-time homebuyers can receive up to $22,000 in down-payment assistance.
Since the inception of the WISH and IDEA programs in 2000, FHLBank San Francisco has helped more than 8,500 families and individuals realize the dream of owning a home by funding $120 million in matching grants, according to an April 14 press release.
“To stabilize underserved communities that have been impacted by COVID-19, homeownership is essential,” Teresa Bazemore, chCEOat FHLBank San Francisco, said in a statement. “These grants play a crucial role in helping lower-income homebuyers put down roots in their communities and revitalize local economies.”
WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state, and federal mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration-insured mortgages.
IDEA grants, meanwhile, help homebuyers who have been saving for the purchase of their first home through an Individual Development Account, participating in their local housing authority’s Family Self-Sufficiency homeownership program, or completing a lease-to-own program administered by a nonprofit or government entity.
Visit fhlbsf.com for more information and to apply.2:30 p.m. April 30 update: This story's headline has been updated from its original version to correctly report that this is a Federal Home Loan Bank program; the original version incorrectly reported it was a credit union-backed program. The NNBW apologizes for the error.