Federal Home Loan Bank of San Francisco Awards $10 Million to Help First-Time Homebuyers

SAN FRANCISCO--(Business Wire)--
The Federal Home Loan Bank of San Francisco has awarded $10 million in matching
grants to help lower-income families and individuals become first time
homebuyers in Arizona, California, Nevada, and other areas served by the Bank`s
member financial institutions. The Bank allocated $6.7 million for the Workforce
Initiative Subsidy for Homeownership (WISH) Program and $3.3 million for the
Individual Development and Empowerment Account (IDEA) Program to 32 members.

Both WISH and IDEA are matching grant programs that offer up to $15,000 to
eligible households toward the purchase of a home, matching $3 for every dollar
contributed by the first-time homebuyer. Funds are made available through the
Bank`s member financial institutions to households earning up to 80% of area
median income and can be used for downpayment and closing costs, which are among
the most significant barriers to homeownership. Both programs require
participants to complete a homebuyer counseling program administered by an
experienced organization.

"By participating in the Bank`s first-time homebuyer programs, our members are
affirming the aspirations of families and individuals who, despite a difficult
economy, are ready to take advantage of the affordable homeownership
opportunities presented by today`s housing market," said Jim Yacenda, Vice
President and Community Investment Officer at the Federal Home Loan Bank of San
Francisco. "With a boost from our matching grants, these new homeowners will be
helping to stimulate the housing market and stabilize our communities."

WISH grants are targeted to working families and individuals who are ready to
make the transition from renting to owning and can complement or supplement a
myriad of local, state, and federal homeownership programs and initiatives. The
IDEA program is directed at homebuyers who have been saving for the purchase of
their first home through an Individual Development Account (IDA) or
participating in their local housing authority`s Family Self-Sufficiency (FSS)
homeownership program. Since its inception in 2000, the IDEA Program has been at
the forefront of efforts and initiatives to expand asset development for
low-income households.

For more information about the WISH and IDEA programs or to review a list of
this year`s grant recipients, visit fhlbsf.com.

The Federal Home Loan Bank of San Francisco

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.

Federal Home Loan Bank of San Francisco
Mary Long, 415-616-2556
longm@fhlbsf.com

Copyright Business Wire 2009