FHLBank San Francisco Celebrates 20th Anniversary of AHEAD Grant Program with $4 Million for Economic Vitality Initiatives in Arizona, California, and Nevada
May 15 2024 - 1:17PM
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco)
is allocating $4 million to its annual Access to Housing and
Economic Assistance for Development (AHEAD) economic development
program, to be distributed through grants of up to $100,000
throughout Arizona, California, and Nevada. Since the program’s
inception in 2004, FHLBank San Francisco has partnered with its
member financial institutions to award over $25 million in grants
to about 800 projects that are creating economic opportunity
through innovative and targeted initiatives that benefit
underserved communities.
“As we celebrate the 20th anniversary of our AHEAD program, we
are invigorated by the positive impact this funding has had in the
communities we serve, boosting job creation, skills training, small
business support, and other vital programs in our region,” said
Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco.
“Alongside our dedicated member institutions, we are proud that our
2024 AHEAD Program will fund another $4 million in grants and we
look forward to witnessing how this program increases economic
vitality in the years to come.”
The AHEAD grant program supports FHLBank San Francisco’s members
in forging strong and productive relationships with nonprofit
organizations that have specific economic and community development
expertise. FHLBank San Francisco encourages its members to partner
with local nonprofits, government agencies, and Tribal
organizations to submit grant applications for projects that give a
boost to low- to moderate-income communities by:
- Creating or
preserving jobs
- Delivering job
training or education programs
- Supporting small
business, microlending, and microenterprise incubation for
low-income entrepreneurs
- Addressing the
special economic development needs of at-risk youth, veterans,
persons with disabilities, the formerly incarcerated, and Tribal
communities, among others.
In 2023, FHLBank San Francisco and its members awarded $4
million in AHEAD Program grants to 75 recipients including:
- $100,000 to Change Labs,
Inc. in Tuba City, Arizona, alongside
Oxford Life Insurance Company. Change Labs is a
Native-led nonprofit organization serving the Navajo and Hopi
nations and driven by a core mission of empowering the local
community through entrepreneurship and sustainable economic
development.
- $70,000 to Ventures
in Watsonville, California, alongside Bay Federal Credit
Union. Devoted to building equitable economies and
community well-being, Ventures used the funding to support staff
and operating costs to effectively service rural Latino
working-class families on California's Central Coast through their
Familias con Mas program, which coaches participants on how to
budget, avoid predatory lending, improve their credit, and manage
their debt.
- $100,000 to The Public
Education Foundation (PEF) in Las Vegas, Nevada, alongside
Wells Fargo National Bank West. The funding
enabled PEF to help public school students, families, and educators
by supporting staff salaries and mentee stipends. In partnership
with the Clark County School District, PEF expanded their Teacher
Pathway workforce development program to provide 16
paraprofessional veterans with mentorship and tailored support on
their path to become licensed teachers with increased salaries
while also addressing the teacher shortage in Southern Nevada.
“With this program, our driving focus is to deliver funding to
communities where it can make the greatest impact and provide
meaningful support,” said Eric Cicourel, senior vice president and
community investment officer at FHLBank San Francisco. “Given the
economic strain experienced by far too many people post-pandemic,
we are proud that we can help ignite economic empowerment
initiatives that will have a ripple effect in the communities we
and our members serve.”
As part of a dual mission to provide liquidity and support
affordable housing and community development, each FHLBank is
required to set aside 10% of its income to fund its Affordable
Housing Program. FHLBank San Francisco works to exceed that
requirement by voluntarily providing an additional 5% of its net
income to fund supplemental programs and initiatives that foster
economic vitality and community development, including its AHEAD
economic development grant program, Middle-Income Downpayment
Assistance Program, Empowering Black Homeownership grants for
Housing Counseling Agencies, and a Tribal Nations Program which
provides critically necessary infrastructure funding grants to
increase the supply of affordable housing for Native American
communities.
Applications for the AHEAD Program are now open. The deadline
for FHLBank San Francisco members partnering with nonprofits,
government agencies, and Tribal organizations to submit
applications for grants is June 3, 2024. Grant recipients will be
announced in early September.
To learn more about the AHEAD Program and the
application process, please visit fhlbsf.com.
About the Federal Home Loan Bank of San
Francisco
The Federal Home Loan Bank of San Francisco is a member-driven
cooperative helping local lenders in Arizona, California, and
Nevada build strong communities, create opportunity, and change
lives for the better. The tools and resources we provide to our
member financial institutions — commercial banks, credit unions,
industrial loan companies, savings institutions, insurance
companies, and community development financial institutions — help
finance affordable housing projects, propel homeownership, drive
economic growth, and revitalize whole neighborhoods. Together with
our members and other partners, we are making the communities we
serve more vibrant, equitable, and resilient and changing lives for
the better.
Contact:
Tom Flannigan
Tom.Flannigan@fhlbsf.com