FHLBank San Francisco Matching Grant Program Delivers More Than $2 Million to Help Narrow the Black Homeownership Gap

BY GlobeNewswire | AGENCY | 10/12/22 04:32 PM EDT

SAN FRANCISCO, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco announced that, in partnership with participating member financial institutions, more than $2.2 million has been donated to HUD-approved housing counseling agencies through the Bank?s Empowering Black Homeownership matching grant program. This funding has been distributed to 22 HUD-approved housing counseling agencies so that they can better serve homebuyers and homeowners in communities of color.

?The Empowering Black Homeownership matching grant program is a key component of FHLBank San Francisco?s commitment to working to narrow the Black homeownership gap and reduce racial wealth disparities,? said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. ?We are grateful for the member financial institutions that have partnered with us to advance racial equity by providing financial support for housing counseling agencies directly serving populations that have been historically disadvantaged when it comes to building wealth through homeownership.?

The Empowering Black Homeownership grant program, which launched in March 2022, made $1 million available for the Bank?s member financial institutions to request dollar-for-dollar matching grants of up to $125,000. FHLBank San Francisco is grateful to each of the following Bank members for delivering generous donations along with our matching grant funds to 22 local housing counseling agencies for HUD-eligible activities, which include capacity building, operations, and pre-and post-purchase homeownership counseling.

  • Bank of the West
  • Citizens Business Bank
  • City National Bank
  • Farmers & Merchants Bank of Long Beach
  • First Republic Bank
  • Luther Burbank Savings
  • Mechanics Bank
  • MUFG Union Bank
  • Pacific Premier Bank
  • Pacific Western Bank
  • Silicon Valley Bank
  • Toyota Financial Savings Bank
  • Tri Counties Bank
  • Western Alliance Bank

Several FHLBank San Francisco member institutions shared their thoughts on the impact that FHLBank San Francisco?s Empowering Black Homeownership matching grant program will have on homebuyers and homeowners of color in communities where they do business:

?Thank you to our partners at FHLBank San Francisco for making this important grant matching program available via its member banks,? said Cheryl Ryman, Farmers & Merchants Bank vice president, community reinvestment act officer. ?We applaud Neighborhood Housing Services of Los Angeles, NeighborWorks OC, and Affordable Housing Clearinghouse for the valuable work they do in our community, and we are grateful for the opportunity to assist in achieving their mission.?

?City National Bank is proud to support Neighborhood Housing Services of Los Angeles County and its mission of helping more families realize the American dream of homeownership,? said Sal Mendoza, City National Bank senior vice president, community reinvestment act manager, ?We want to also thank FHLBank San Francisco for matching our grant and helping us make a difference in the communities where we live and work.?

?The racial homeownership gap is persistent and pervasive in the Bay Area, so we thank FHLBank San Francisco for making this funding available to partners doing critical work to make homeownership more attainable for Black families,? said Bobbie Salgado, Silicon Valley Bank?s senior director, community reinvestment act and community affairs manager. ?We are proud to work with FHLBank San Francisco and our local housing services partners to put these funds to work in our communities.?

More information on FHLBank San Francisco?s Empowering Black Homeownership matching grant program and the Bank?s other Community Programs, is available at fhlbsf.com.

About F&M Bank
Founded in Long Beach in 1907 by C.J. Walker, F&M Bank provides white-glove service to clients at 25 branches from San Clemente to Santa Barbara, as well as through Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. F&M Bank is a California state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. NMLS #537388. For more information about F&M, please visit the website, www.FMB.com.

About City National Bank
With $91.2 billion in assets, City National Bank provides banking, investment and trust services through 68 branches, including 22 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C. and Miami*. In addition, the company and its investment affiliates manage or administer $83.0 billion in client investment assets.

City National is a subsidiary of Royal Bank of Canada (RBC), one of the world?s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries. For more information about City National, visit the company?s website at cnb.com.

*City National Bank does business in Miami and the state of Florida as CN Bank.

About Silicon Valley Bank
Silicon Valley Bank, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at www.svb.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?foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient. Learn more at www.fhlbsf.com.

Image: https://www.globenewswire.com/newsroom/ti?nf=ODY2NDAzNyM1MjAxNTc4IzIwMDYwNTU=
Image: https://ml.globenewswire.com/media/NzkzNmM3NDUtZDIyZS00NDNlLTg3NTQtNTU3ZTc3ODQ1MGI5LTEwMTc2Mjg=/tiny/Federal-Home-Loan-Bank-Of-San-.png
Media Contact:
Mary Long
Senior Director, Marketing Communications
longm@fhlbsf.com
415.616.2556

Image: Primary Logo

Source: Federal Home Loan Bank Of San Francisco

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article