SAN FRANCISCO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that it has awarded $7.3 million in economic development grants under the Access to Housing and Economic Assistance for Development (AHEAD) Program. The awards will support 84 nonprofit organizations dedicated to strengthening communities across Arizona, California, and Nevada. This funding represents an 82% increase over last year's grant cycle and the previously announced allocation for 2024 of $4 million. The AHEAD Program, now in its 20th year, was designed to advance innovative economic and community development initiatives that empower underserved communities. Delivered in partnership with its member financial institutions, FHLBank San Francisco's AHEAD Program has funded over $32 million in grants over the past two decades.
“As we celebrate 20 years of the AHEAD Program, we remain committed to investing in communities throughout our district and to funding organizations leading innovative and important economic development programs,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “The AHEAD Program provides funding that our member organizations use to make grants to local nonprofits for initiatives that directly address capacity building, jobs, and community needs. Together, we’re making a lasting difference and driving economic growth where it’s needed most.”
The AHEAD grant program encourages FHLBank San Francisco’s members to build strong relationships with nonprofit organizations that have specific economic and community development expertise. The 2024 grant cycle will distribute 84 grants through 60 different members, with 10 of those members engaged in the program for the first time. AHEAD Program grantees support a wide range of projects and beneficiaries, addressing diverse needs across various sectors and communities. The largest portions of 2024 grants have been allocated to the following key areas:
- 29% of grants for Entrepreneurial/Microenterprise projects
- 20% of grants for Capacity Building projects
- 14% of grants for Job Training projects
- 12% of grants for Economic Development projects
- 11% of grants for Social Services projects
Examples of the 2024 AHEAD grant recipients, include:
- Phoenix, Arizona – Local First Arizona partnered with member Arizona Financial Credit Union to receive a $100,000 AHEAD grant to fund the Native Business incubator pilot project. The grant will enable the delivery of culturally relevant and professional business education for entrepreneurs – who are Tribal members – to help unlock new business opportunities and gain access to capital.
- Aptos, California – California Farmlink, a community development financial institution (CDFI), partnered with member Bank of the Sierra to receive a $98,912 AHEAD grant to fund the Building Wealth and Resilience with California Farmers project. This grant will assist Hispanic farmers, ranchers, and fishers – who face acute barriers to accessing capital – by making business assistance programs available in Spanish to help these entrepreneurs scale their businesses and become more sustainable.
- Las Vegas, Nevada – Nevada Hospitality Foundation partnered with member Employers Insurance Company of Nevada to receive a $100,000 AHEAD grant to fund a project that works to address industry workforce challenges, such as skill gaps, unemployment, or underemployment. This grant will focus on connecting ethnic minority and rural residents with an employer after developing technical skills they need to succeed in the hospitality labor trade.
The AHEAD grant program is just one example of the Bank’s commitment to fostering economic vitality, affordable homeownership, and wealth creation by contributing up to 15% of annual net profits to mission-aligned initiatives each year. Additional important community initiatives led by the Bank include the Affordable Housing Program (AHP) grants, Empowering Black Homeownership grants, the Tribal Nations Program, and Middle-Income Downpayment Assistance and Workforce Initiative Subsidy for Homeownership (WISH) matching grant programs that provide downpayment assistance to low- and middle-income first-time homebuyers.
To learn more about the AHEAD program and this year’s economic development grant recipients, visit www.fhlbsf.com.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong 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, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
