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FHLBank San Francisco Doubles its Down Payment Assistance

The Federal Home Loan Bank of San Francisco announced the commitment of $20 million in funding for their Middle-Income Downpayment Assistance matching grant program this week, representing a 100 percent increase over its inaugural year.

Launched as a pilot program in 2023, in partnership with participating member institutions, FHLBank San Francisco designed the Middle-Income Downpayment Assistance program to help qualifying families and individuals who earn between just over 80 to 140 percent of the area median income (AMI) purchase their first home.

“Witnessing the profound impact of our Middle-Income Downpayment Assistance program on families and individuals in our communities over the past year has been incredibly rewarding,” said Teresa Bryce Bazemore, CEO and president of FHLBank San Francisco. “Hardworking people such as teachers, medical assistants, and administrative workers are often excluded from home buying assistance programs, leaving them priced out of the market due to rising home prices and interest rates.”

When FHLBank San Francisco began the work to voluntarily deploy an additional 5 percent of net income, it knew that programs targeted at previously overlooked individuals would have the strongest impact on the community and serve as a much-needed complement to the bank’s long-standing Affordable Housing Program.

“We’re proud to double-down on this commitment alongside our member institutions to provide an additional $20 million in grants to those in need of a home,” Bryce said.

Rep. Maxine Waters (D-CA) noted that the rising cost of housing across the nation is locking more families out of the dream of homeownership — especially those who lack the intergenerational wealth needed to cover hefty down payment and closing cost requirements.

“This is especially true in the State of California where the median home price now tops $900,000,” Waters said. “The FHLBank San Francisco’s Middle-Income Downpayment Assistance program as well as the Empowering Black Homeownership matching grant program will help to make the dream of homeownership more accessible to thousands of Californians, particularly for low-to-middle-income homebuyers, first-generation homebuyers, and communities of color who face disproportionate barriers to homeownership.”

In 2023, the pilot program deployed $10 million in grants delivered by 44 member institutions to support 263 recipients across California, Nevada, and Arizona in achieving the goal of homeownership. The decision to expand this voluntary program reflects FHLBank San Francisco’s ongoing commitment to providing housing opportunities along with the strong demand it received from member institutions in its first year.

One such member institution that has seen the value of this program first-hand is Greater Nevada CU, which has supported Middle-Income Downpayment Assistance grants through its home mortgage arm, Greater Nevada Mortgage.

“There is nothing that compares to getting someone into their first home, and that’s our focus every day,” said James Anderson, president of Greater Nevada Mortgage. “We knew the Middle-Income Downpayment Assistance program would significantly impact many families, and it was thanks to the Federal Home Loan Bank of San Francisco that we were able to help 20 Nevada homebuyers access $1 million in grants to own their first home.”

Justina and Sonny Yellowhair, Native American residents of Nevada who have four children, are among the families that Greater Nevada Mortgage was able to help. Justina, currently a stay-at-home mom studying for her doctoral degree, and her husband Sonny, an automotive technician, qualified for a $50,000 grant for the purchase of a home after they learned their rental home of seven years was going to be sold.

Eligible homebuyers who contribute a minimum of $10,000 toward their down payment may qualify for a grant of up to $50,000 that can be used for the homebuyer’s down payment and closing costs. To be eligible for this program, an applicant must be a first-time homebuyer, fulfill income eligibility requirements, complete a homebuyer counseling program, and purchase an eligible property as their primary residence in California, Nevada, or Arizona.

Interested homebuyers should contact a participating member financial institution directly to learn more about enrollment in the Middle-Income Downpayment Assistance program. For more information on the Middle-Income Downpayment Assistance program, visit

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