Federal Home Loan Bank of San Francisco Awards $10 Million in 2025 Middle-Income Downpayment Assistance Grants

200 qualifying middle-income, first-time homebuyers across Arizona, California, and Nevada received matching grants up to $50,000 through participating member financial institutions

SAN FRANCISCO, Aug. 25, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced it awarded $10 million in 2025 Middle-Income Downpayment Assistance Program grants in partnership with 55 of the Bank’s participating member financial institutions in Arizona, California, and Nevada. This year, 200 eligible first-time homebuyers received grants, making their dreams of homeownership a reality despite high housing costs. In the third year of the popular program, the $10 million in funding was fully reserved on a first-come first-served basis in just two weeks following the program launch in mid-March.

“For many families, these grants are the key to making homeownership a reality,” said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. “We are proud to collaborate with our member financial institutions to provide this much-needed support to middle-income workers who are essential to their communities, yet often face financial barriers because of the high cost of housing in our region.”

The program was designed to support middle-income workers who are essential to our local communities. It helps first-time homebuyers earning just over 80% and up to 140% of the area median income (AMI) bridge the financial gap to purchase a home, especially in high-cost housing markets. To qualify, the homebuyers must complete a first-time homebuyer counseling program and contribute a minimum of $10,000 toward their downpayment and closing costs to be eligible to receive matching grant assistance of up to $50,000 from the program.

Since the program first launched in 2023, FHLBank San Francisco has provided a total of $40 million in middle-income downpayment assistance via the program, in partnership with its member financial institutions across Arizona, California and Nevada. A total of 818 first-time homebuyers have been served by the program over the last three years. Participating members have been highly engaged with the popular Middle-Income Downpayment Assistance Program, awarding grants to first-time homebuyers and helping them achieve their dreams of homeownership.

“The traditional ‘American Dream’ of homeownership in San Diego County is becoming increasingly challenging for many in our community,” said Doug Wright, president and CEO of Mission Federal Credit Union, a member of FHLBank San Francisco that serves the San Diego region. “We’re grateful that our own members are able to access initiatives like the Middle-Income Downpayment Assistance Program. For some it’s the only way they’ll be able to break into this housing market. We commend FHLBank San Francisco for aiding in making our communities better for all.”

Although the funds for the Middle Income Downpayment Assistance Program have been fully exhausted for 2025, potential homebuyers can contact a participating member financial institution to learn more about the program and explore future opportunities. The Middle-Income Downpayment Assistance Program supports FHLBank San Francisco’s commitment to creating affordable homeownership in the communities they serve by providing grants through a variety of programs, including the WISH Program which has delivered $160 million in grants to over 10,000 low- to moderate- income first-time homebuyers since 2000.

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 and resilient.

Contact:
Tom Flannigan
tom.flannigan@fhlbsf.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.