SAN FRANCISCO, Sept. 10, 2014 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco announced today that it has awarded $1 million in grants through its Access to Housing and Economic Assistance for Development (AHEAD) Program. The grants, which are made through the Bank's member financial institutions, will be used by nonprofit organizations in Arizona, California, and Nevada for projects and programs that foster economic development and promote community stability and self-sufficiency.
The AHEAD Program enables Bank members to give a critical, early boost to local programs and projects that target pressing community development needs and:
- create or preserve jobs,
- facilitate improvements to public or private infrastructure, or
- deliver social services, training or educational programs, or other services and programs that benefit low- and moderate-income communities.
AHEAD funds can be used to finance a variety of start-up costs, such as research, studies, and project plans, consulting or other professional services, or organizational and capacity-building activities. Demand for this early funding continues to grow: this year the Bank reviewed 191 applications requesting nearly $9 million before selecting 36 AHEAD grant winners.
"We are delighted to see that the number of organizations prepared to address AHEAD Program priorities in creative and very localized ways keeps growing," said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. "We are also grateful for our members' continuing commitment to supporting these efforts to strengthen their communities."
With this year's AHEAD grants, 23 Bank members will be supporting a wide variety of important economic and community development initiatives, including projects and programs designed to:
- create or expand job training and placement programs for at-risk youth, domestic violence survivors, returning veterans, and others
- increase financial literacy, savings, and access to mainstream financial products in underserved communities
- offer microlending and small business incubation services to low-income entrepreneurs
- create a revolving loan fund for a community land trust
- enable nonprofits build capacity to better serve their constituents and communities
- provide academic support to disadvantaged children and teens and vocational education programs for adults
- support independent living for low-income seniors by supplying them with healthy food and basic necessities
"The AHEAD Program allows us to strengthen relationships between Bank members and nonprofit organizations with special expertise in economic and community development," said Stephen P. Traynor, Senior Vice President, Member Financial Services and Community Investment, at the Bank. "We are pleased that our grants will help get these valuable projects off the ground."
Funding for AHEAD is determined annually by the Bank's Board of Directors. Since the program began in 2004, the Bank has awarded more than $7 million in AHEAD funds to support 267 important projects and programs in Arizona, California, and Nevada.
Federal Home Loan Bank of San Francisco
The 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 programs that help members create affordable housing and promote community economic development. The Bank's members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.