The Federal Home Loan Bank of San Francisco has allocated $12 million to its 2011 Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and Empowerment Account (IDEA) first-time home-buyer programs. In this award cycle, 32 of the bank's member financial institutions reserved $9.4 million in WISH funds and $2.6 million in IDEA funds. Six institutions are participating in these programs for the first time.
WISH and IDEA grants, which match $3 for every $1 contributed by the home buyer, up to a maximum of $15,000, are made available through participating bank members to households earning up to 80% of the area's median income. The funds can be used for down-payment and closing costs.
The IDEA program is directed at home buyers who have been saving for the purchase of their first home through an Individual Development Account or participating in their local housing authority's Family Self-Sufficiency homeownership program. WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning.
Since 2000, the bank has funded approximately $32 million in IDEA and WISH matching grants.
SOURCE: Federal Home Loan Bank of San Francisco