The Federal Home Loan Bank of San Francisco allotted $10 million dollars to two housing-related programs: Workforce Initiative Subsidiary for Homeownership and the Individual Development and Empowerment Account.
Both organizations help low- to moderate-income families and individuals buy homes, the FHLBank San Francisco said. WISH helps people transition from renting to owning, whereas IDEA is directed at homebuyers who have been saving for the purchase of their first home through an Individual Development Account or through a participating local housing authority, the federal bank explained.
Of the $10 million, WISH was awarded $7.8 million and IDEA was awarded $2.2 million. Each organization grants match $3 for every $1 contributed by the homebuyer, up to a maximum grant of $15,000.
"In the aftermath of the foreclosure crisis, aspirations for homeownership have not gone away, and ownership is still an important tool for wealth-building in low- and moderate-income communities," said Marietta Nùñez, who directs the bank’s WISH and IDEA programs.
She added, "Our programs complement the efforts of community organizations and government agencies to create opportunities for homeownership in this post-crisis transition time."