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The Federal Home Loan Bank of San Francisco dispensed $8 million to programs that provide financial assistance to first-time homebuyers and low- to moderate-income families living in Arizona, California, Nevada and other areas within the bank's district.
FHLBank San Francisco allocated the funds to two first-time homebuyer programs: the 2012 Workforce Initiative Subsidy for Homeownership and the Individual Development and Empowerment Account.
The grants give $3 for every $1 contributed by the homebuyer, up to a maximum grant of $15,000.
The funds can be used to cover down payments and closing costs.
"The market for affordable housing and first-time homeownership seems to be inching its way back to some degree of improved health, thanks to a variety of initiatives and many dedicated lenders and community organizations," said Jim Yacenda, vice president and community investment officer at FHLBank San Francisco.
"Our WISH program taps the desires of a hopeful workforce, while the IDEA program has been an early player in helping motivated low-income people not only develop financial skills and build assets, but also achieve the self-sufficiency that comes with homeownership. The bank remains committed to helping them achieve those goals."
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