FHLBank San Francisco Awards $7.3 Million in Grants to Boost Economic Development in Arizona

SAN FRANCISCO, Oct. 15, 2024 — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has announced a significant commitment to economic development by awarding $7.3 million under the Access to Housing and Economic Assistance for Development (AHEAD) Program. This funding will benefit 84 nonprofit organizations dedicated to enhancing communities across Arizona, California, and Nevada. This year’s funding marks an impressive 82% increase compared to last year’s allocation, further amplifying the bank’s commitment to community support.

The AHEAD Program, now celebrating its 20th year, aims to promote innovative economic and community development initiatives that empower underserved populations. Over the last two decades, this initiative has delivered more than $32 million in grants, working in partnership with its member financial institutions to enact meaningful change.

“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 grant to local nonprofits for initiatives that directly address capacity building, job creation, and community needs. Together, we’re making a lasting difference and driving economic growth where it’s needed most.”

The AHEAD grant program encourages collaboration between FHLBank San Francisco’s members and nonprofit organizations specialized in economic and community development. The 2024 grant cycle will distribute 84 grants via 60 different member institutions, including 10 first-time participants. The grantees will support a diverse array of projects and beneficiaries, addressing multiple needs within various sectors and communities. The key areas where the largest portions of the 2024 grants have been allocated are as follows:

• 29% for Entrepreneurial/Microenterprise projects
• 20% for Capacity Building projects
• 14% for Job Training projects
• 12% for Economic Development projects
• 11% for Social Services projects

Some of the notable AHEAD grant recipients for 2024 include:

• Phoenix, Arizona: Local First Arizona collaborated with Arizona Financial Credit Union to receive a $100,000 AHEAD grant for the Native Business incubator pilot project. This initiative will provide Tribal members with professional business education aimed at unlocking new opportunities and gaining access to capital.
• Aptos, California: California Farmlink, a community development financial institution (CDFI), partnered with Bank of the Sierra to secure a $98,912 grant for the Building Wealth and Resilience with California Farmers project. The grant will make business assistance programs available in Spanish for Hispanic farmers, ranchers, and fishers, helping them to overcome capital accessibility barriers.
• Las Vegas, Nevada: The Nevada Hospitality Foundation joined forces with Employers Insurance Company of Nevada to obtain a $100,000 AHEAD grant to tackle workforce challenges within the industry. The project will connect ethnic minorities and rural residents to employment opportunities while providing the necessary technical skills.

The AHEAD grant program exemplifies FHLBank San Francisco’s dedication to fostering economic vitality, affordable homeownership, and wealth creation. Each year, the bank contributes up to 15% of its annual net profits to mission-aligned initiatives, including additional notable community programs such as the Affordable Housing Program grants, Empowering Black Homeownership grants, and the Tribal Nations Program.

Through collaborative efforts with its member financial institutions—ranging from commercial banks to community development financial institutions—FHLBank San Francisco is committed to enhancing homeownership, financing quality affordable housing, and revitalizing neighborhoods. Collectively, they strive to create vibrant, equitable, and resilient communities.