The Federal Home Loan Bank of San Francisco has announced a $13 million commitment to its 2024 WISH matching grant program to provide funding for downpayment assistance to lower-income families and individuals.
The WISH Program is designed to help eligible lower-income families and individuals throughout Arizona, California, and Nevada achieve the dream of homeownership. As part of this year’s initiative, FHLBank San Francisco will partner with its member institutions to deliver four-to-one matching grants, up to the Federal Housing Finance Agency’s annual maximum subsidy of $30,806 to aspiring homeowners.
“We designed the WISH Program with one goal in mind: to extend resources and funding to thousands of families who are left without the downpayment means necessary to secure a mortgage and buy a home,” said Teresa Bryce Bazemore, CEO of FHLBank San Francisco. “The WISH Program has been an important initiative for decades and we are confident that the 2024 program will deliver real impact across our regional footprint. We invite our member financial institutions to join us in this critical campaign.”
The WISH Program exemplifies FHLBank San Francisco’s enduring commitment to increasing access to homeownership. Since the first grant was made to a first-time homebuyer in 2000, the program has distributed over $153 million in grants, facilitating homeownership for over 9,800 lower-income families in communities served by FHLBank San Francisco’s member financial institutions. Funding for the WISH Program is made possible by the FHLBank San Francisco’s commitment to allocate up to 15 percent of its annual net earnings towards initiatives promoting affordable housing and community economic development.
WISH matching grants are aimed at equipping working families and individuals with the resources they need to move from renting to owning and can complement or supplement many local, state, and federal homeownership programs and initiatives. The homebuyer’s contributions can include personal savings, as well as savings from Individual Development Accounts (IDA), Family Self-Sufficiency (FSS) program savings, gift funds, or sweat equity.
Susana Zavala, a single mother who wanted to make a new start in Mesa, Arizona, was able to purchase a home for her family with the support of a $15,000 matching WISH grant supplementing the $5,000 downpayment funds she had saved. Her mortgage and receipt of a WISH grant were facilitated by FHLBank San Francisco member, TruWest CU.
“As a member-owned cooperative with a mission of serving our community, TruWest Credit Union is thrilled to partner with the Federal Home Loan Bank of San Francisco to provide WISH grants to low- and moderate-income first-time homebuyers,” says Alan Althouse, CEO of TruWest CU. “Since 2013, we have been able to help over 740 families buy their first home, providing nearly $14 million in downpayment grant assistance.”
FHLBank San Francisco is now accepting applications from member institutions to participate in the WISH Program on a rolling basis through March 14, 2025. First-time homebuyers interested in learning more about WISH matching grants are encouraged to contact a participating member institution directly. Visit https://www.fhlbsf.com/ for more information about WISH and other FHLBank San Francisco grant programs.
