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FHLBank of San Francisco 2012 WISH and IDEA application period begins January 10

Bank members may apply to reserve up to $1 million in funds to assist first-time homebuyers

January 11, 2012

From:
FHLBank San Francisco
Dean Schultz
President and Chief Executive Officer
January 6, 2012
Bulletin No. 1400

The application period for the Federal Home Loan Bank of San Francisco’s 2012 Affordable Housing Program (AHP) set-aside homeownership programs—the  Workforce Initiative Subsidy for Homeownership (WISH) Program and the Individual Development and Empowerment Account (IDEA) Program  opens on January 10 and closes on February 10. 

Bank members only may apply to reserve up to $1 million in funds for each program.  Applicants will be notified of the awards by March 31, 2012. All funds awarded in 2012 must be used by March 31, 2013.

The WISH and IDEA first-time homebuyer programs offer up to $15,000 to eligible low- to moderate-income households, matching $3 for every dollar contributed by the homebuyer. The funds for these matching grants are set aside each year from the Bank’s annual AHP contribution and made available through its member financial institutions. Grants can be used for downpayment and closing costs.

For more information on the program, read the full bulletin>>

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