New Empowering Black Homeownership grants will be channeled through Bank member financial institutions to housing counseling agencies in targeted areas
SAN FRANCISCO, March 01, 2022 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making available $1 million to help expand the capacity of HUD-approved housing counseling agencies to serve more at-risk aspirants and at-owners in communities of color. The Empowering Black Homeownership Grant Program is a key part of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and closing the gaps in Black homeownership and wealth.
The program allows eligible financial institutions that are members of FHLBank San Francisco to apply for dollar-for-dollar matching grants up to a total matching amount of $125,000. Grants will be disbursed to licensed Housing Counseling Agencies (HCAs) and used for HUD-eligible activities in 2022-23, including staffing, marketing, and pre- and post-purchase counseling.
“Knowledge is power, and this funding can help ensure that black buyers and homeowners have equal access to all the information they need to feel confident in their own ability to buy a home or remain owners,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “The Black Homeownership Grants are an important new way for the Bank to partner with our members to advance racial equity; we provide financial support to HCAs that directly serve historically disadvantaged populations when it comes to creating wealth through home ownership.
Historically, home ownership has been one of the main generators of wealth in America, passed down from generation to generation. Communities of color are often disadvantaged and routinely face tighter lending standards, higher debt-to-income ratios, lower liquid savings and therefore a disproportionate risk of foreclosures. The Empowering Black Homeownership Grants are intended to provide education to Black homeowners and buyers who continue to face such obstacles to advance their financial stability and that of their children and grandchildren.
“These grants will help hard-working people get the resources to guide them through the process of buying and owning a home,” said Marietta Núñez, Senior Vice President and Head of Community Investments at FHLBank. San Francisco. “The tools and knowledge available through expert guidance are lifelong lessons in building confidence and successful homeownership.”
For more information on the Bank’s commitment to supporting housing opportunity, visit www.fhlbsf.com/community-programs.
About Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative that helps local lenders in Arizona, California and Nevada strengthen 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, thrifts, insurance companies and community development financial institutions – promote home ownership, expand access to quality housing and stimulate economic development. Together with our members and other partners, we make the communities we serve more vibrant, equitable and resilient.
Senior Director, Marketing Communications