The grant has assisted almost 9,000 families since it launched in 2000
The Federal Home Loan Bank (FHLBank) of San Francisco is helping first-time homebuyers turn homeownership into a reality, funding an additional $11.1 million to the WISH grant program through its 42-member financial institutions across Arizona, California and Nevada.
The WISH program provides eligible low- to moderate-income households 4-to-1 matching grants of up to $22,000. The grant can be used for down payments and closing costs in purchasing a home, which are often the most common significant barriers to homeownership. Specifically, the grants are targeted at working families and individuals who are ready to transition from renting to owning.
“Homeownership remains the primary way families can build wealth in America, meaning these grants do more than just provide a roof for a family,” Teresa Bazemore, president and chief executive officer of FHLBank San Francisco, said in a media release. “WISH grants not only help make the American dream of homeownership achievable, but they also contribute to economic advancement for both underserved communities and future generations.”
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The grant can be paired with any local, state, and federal grant and mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration-insured mortgages.
Since the launch of WISH in 2000, FHLBank San Francisco has funded more than $128 million in matching grants, assisting nearly 9,000 families with the dream of homeownership.
“It’s been gratifying to see the WISH program stabilize and revitalize neighborhoods across Arizona, California, Nevada, and other areas served by our members,” Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco, said in a media release. “Thanks to the support and dedication of our member institutions, we’re proud to continue our legacy of providing affordable and sustainable solutions to expand homeownership.”
