The program provides first-time homebuyers up to $7,500 in grant funding to help them purchase a home. Eligible buyers can use the funds to help with a down payment, closing costs, counseling or rehabilitation assistance in connection with the purchase of an existing home.

The FHLB of Atlanta increased the maximum for the grant from $5,000 in 2020 to $7,500 last year. Joy Bing, Jax's SVP of lending, said the additional support came at a critical time with the competitive real estate market and inflated prices.

"Home ownership is an important step to building long-term financial stability," Bing said. "We are proud to partner with the Federal Home Loan Bank of Atlanta to provide our community with the opportunity to receive this important grant."

Joy Bing

Since 1997, the bank's homeownership set-aside program has provided over $257 million in grant funding that has enabled more than 38,000 households to purchase or rehabilitate a home.

Last year the FHLB of Atlanta funded an average of $8,186 per loan, up from $5,660 in 2020. The bank had $13 million for the program last year, down from $18 million in 2020. It supported 1,585 loans worth $333 million in 2021, down from 3,184 loans worth $611 million in 2020.

To be eligible, a first-time homebuyer must have a household income that is equal to or less than 80% of median family income as defined by HUD. Borrowers must also make a minimum contribution of $1,000 toward the down payment. Eligible properties include 1- to 4-unit family residences, townhouses, condominiums, cooperatives and manufactured homes deeded as real estate.

Jax originated $34.2 million in residential real estate loans in the first half of this year, down 7.1% from 2021′s first half and down 21.8% from 2020′s first half. Its residential real estate originations last year were $76 million, down 16.3%.

Greater Nevada originated $24.3 million in residential real estate loans in the first quarter, down 14.4% from a year earlier. Its residential real estate originations last year were $457.3 million, nearly triple those of 2020.

Greater Nevada is one of 20 credit unions participating in the FHLB of San Francisco's Workforce Initiative Subsidy for Homeownership (WISH) program.

"Greater Nevada Mortgage is thrilled to be part of the WISH program for the second year in a row," EVP James Anderson said. "The housing market is tough right now, but there are assistance options available for working families and individuals to make the move from renting to owning a reality."

James Anderson

WISH program grants are designed to help working families and individuals move from renting to owning. Eligible low- to moderate-income households can receive 4-to-1 matching grants of up to $22,000 that can be applied to down payment and closing costs for the purchase of a home.

In June, the FHLB of San Francisco announced it was making $11.1 million available to fund its WISH grant through 43 member banks and credit unions in Arizona, California and Nevada.

Since the launch of WISH in 2000, the FHLB of San Francisco has funded more than $128 million in matching grants, assisting nearly 9,000 families achieve homeownership.