SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that just recently, the Federal Home Loan Bank of San Francisco revealed that it has allocated $10 million to its 2013 Workforce Initiative Subsidy for Homeownership and Individual Development and Empowerment Account first-time homebuyer programs.
The Bank awarded $7.8 million in WISH funds and $2.2 million in IDEA funds to 27 member financial institutions to help low- to moderate-income families and individuals buy a home in Arizona, California, Nevada, and other states where Bank members do business. “Our programs complement the efforts of community organizations and government agencies to create opportunities for homeownership in this post-crisis transition time,” explains Jim Yacenda, VP and community investment officer at FHLBank San Francisco.
WISH and IDEA grants match $3 for every $1 contributed by the homebuyer, up to a maximum grant of $15,000, and are made available through participating Bank members to households earning up to 80% of area median income. The funds can be used for down-payment and closing costs, which can be significant barriers to homeownership. Both programs require participants to complete a homebuyer counseling program administered by an experienced organization.
“Our WISH program taps the desires of a hopeful workforce, while the IDEA program has been an early player in helping motivated low-income people not only develop financial skills and build assets, but also achieve the self-sufficiency that comes with homeownership,” Yacenda adds.
According to the VP, “Last year these initiatives helped 788 families reach their goals. In 2013, 27 Bank members, including 7 new participants, will be able to assist hundreds more families in their local communities.”
Check back later for more from Marietta Nùñez, VP, who directs the Bank's WISH and IDEA programs.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
