Federal Home Loan Bank of San Francisco Contributes $2 Million to Support Southern California Wildfire Relief and Recovery

SAN FRANCISCO, Jan. 21, 2025 (GLOBE NEWSWIRE) -- In response to the devastating wildfires in the greater Los Angeles region, the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced it will contribute $2 million to aid ongoing response and relief efforts and provide front line support in impacted communities. The contribution includes $1.4 million in matching funds to amplify donations that member financial institutions make to local relief organizations, as well as $600,000 in donations to nonprofit organizations to bolster both immediate response and long-term disaster response efforts.

?Our hearts are with the individuals, families, and communities affected by the recent wildfires ravaging communities in our district,? said Alanna McCargo, president and CEO of FHLBank San Francisco. ?We have been actively engaging with our members, as well as federal, state and local officials, since the wildfires began, sharing our deep concern and offering support. We are incredibly grateful to all the first responders for their unwavering dedication and bravery in the battle to save lives, homes, businesses and entire communities. This crisis strikes at the core of our mission and public purpose ? providing resources for affordable housing and economic development. Our board and the entire team are proud to stand alongside members and their communities during this critical time, working together to find solutions that aid in recovering from this devastating event.?

Member Matching Donations

FHLBank San Francisco is allocating $1.4 million to match donations made by its member financial institutions to nonprofit organizations that provide relief and recovery services to wildfire-affected communities. Each member is eligible for matching donations totaling up to $50,000 on a first come, first served basis. FHLBank San Francisco members seeking to access the matching donations can visit fhlbsf.com/relief for more information.

Donations to Nonprofits Providing Frontline Support

In addition to matching member donations, FHLBank San Francisco is contributing a total of $600,000 directly to two leading nonprofits actively responding to the wildfire crisis. These organizations are saving lives, safeguarding communities, and delivering essential relief and support to those affected by the wildfires.

• California Fire Foundation will receive a $300,000 donation to provide aid to victims of fire, support the firefighters and their families, and provide fire safety resources to underserved communities across California.
  
  
• Habitat for Humanity of Greater Los Angeles (Habitat LA), and their program Together, We Can ReBUILD LA? will receive a $300,000 donation to help families rebuild, relocate, provide essential goods, provide rental or mortgage assistance, and other intermediate housing needs.
  

?Both of these nonprofit organizations play a vital role in disaster relief and recovery and are highly focused on rebuilding communities. We are proud to support their vital work during this challenging time,? said McCargo.

A Broader Commitment to Recovery and Resilience

FHLBank San Francisco?s wildfire relief and recovery efforts are a part of a suite of tools and resources that are available to help member financial institutions address both urgent needs and longer-term recovery in local communities. These tools and resources include discounted credit programs that support affordable housing, economic development and community revitalization efforts.

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.

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Contact:

Tom Flannigan
(415) 616-2695
Tom.Flannigan@fhlbsf.com

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Source: Federal Home Loan Bank of San Francisco