FHLBank San Francisco awards grant to Change Labs to Boost Economic Development in Northern Arizona
SAN FRANCISCO, October 15, 2024 – 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, including a $100,000 grant to Change Labs. 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.
“We’re pleased to be a second-time grantee of this program and commit to using these funds to support the costs to operate our loan program in 2025,” says Change Labs executive director, Heather Fleming. “It’s important that we continue to fund programs that deliver culturally relevant products and services to our communities.”
