The new analysis from Zillow and Thumbtack identifies the additional costs home buyers can expect, including utilities, insurance, maintenance and property taxes

• Homeowners can expect a payment $14,155 a year, or $1,180 per month in hidden costs associated with owning a home.
• These annual costs can be too high $22,791 in the San Francisco metro area and as low as $9,886 In Las Vegas.
• Affordability is the biggest challenge for first-time home buyers. Zillow's affordability calculator and new monthly cost finder tool, as well as Thumbtack's personalized maintenance guides, can help buyers factor these costs into their budget.

SEATTLE And SAN FRANCISCO, June 1, 2023 /PRNewswire/ — The daily cost of owning a home is higher than ever, according to a new analysis from Zillow® and Thumbtack. Utility bills, property taxes, insurance and essential maintenance can add up $14,155 per year for the average US homeowner. This is an addition $1,180 per month in addition to a typical mortgage payment. First-time home buyers facing affordability challenges in today's market need to understand and factor in these less obvious costs when calculating how much home they can afford.

Zillow and Thumbtack: Top 10 Metro Areas with the Highest Hidden Annual Costs of Homeownership

These costs can be surprisingly high and even higher in already expensive metropolitan areas $22,000 annually in San Francisco, new York And The angel. Of the 39 metropolitan areas analyzed, the hidden costs of homeownership are the lowest Las Vegas ($9,886); Asheville, North Carolina ($11,318); And St Louis ($11,824).

Research from Zillow and Thumbtack examined three unavoidable expenses for single-family homeowners—property taxes, home insurance, and utilities (energy, water, natural gas, and internet)—and found that they were average $7,742 overall nationwide. New Yorkers pay the highest property taxes, even more $9,000 per year while utility costs are at their highest Hartford, Connecticutaveraging $4,443 a year. The cost of homeowners insurance varies depending on home value, so homeowners in the cheapest metropolitan areas, such as Pittsburgh And Clevelandhave the added benefit of lower insurance costs.

The analysis also considered Thumbtack's 17 essential home maintenance projects, based on data from millions of home projects completed across the country. These projects have an overall average $6,413 yearly. The average maintenance costs are highest in The angel And Chicagoin total $8,639 And $7,722 respectively. Homeowners are now in Las Vegas can expect to pay fairly $3,467 per year to maintain their homes.

“Just like you would visit a mechanic regularly to keep your car in good condition and avoid high bills, your home also needs the same routine maintenance to ensure everything is running smoothly,” he said David Steckel, Thumbtack's home expert. “Staying on top of your home's annual maintenance will not only increase your home's value, but also avoid emergency repairs that can break the homeowner's budget.”

Nearly half of all home buyers (45%) are first-time buyers, and they may be surprised by these costs and not take them into account when budgeting for a home. When buyers start in the Home Loans tab on the Zillow homepage, they can use an affordability calculator to figure out how much they can afford, then connect with a loan officer to not only find out what mortgage they qualify for , but also what they would like to pay. Given these additional costs. With that budget, buyers can then use a new app filter on Zillow to purchase homes based on monthly cost instead of purchase price.

“Understanding all the costs that come with homeownership can impact not only a buyer's budget, but also the type of home they purchase,” said Zillow home trends expert Amanda Pendleton. “While a large backyard or larger home can be attractive, it is important to consider how much it might cost to maintain these spaces. Buyers may want to consider affordable alternatives to single-family homes or spend more up front on a new construction home that might require less maintenance in the short term.”

Once buyers close the deal, Thumbtack is the point of contact to help you care for your new home. By entering their home's location and features on Thumbtack, homeowners can receive personalized guidance on what projects to complete, when, and who to hire to do the work. This will help homeowners create prioritized maintenance plans that are within their budget and cover everything from move-in home cleaning to tree trimming and roof maintenance.

methodology

In this analysis, property taxes were calculated using the average effective tax rate in each metropolitan area multiplied by the area's average home value, as measured by the Zillow Home Value Index.

In estimating insurance costs, this analysis assumed that homeowners pay 0.5% of their home's value each year, which was calculated as 0.005 multiplied by the area's average home value as measured by the Zillow Home Value Index.

Utility costs were calculated using the unweighted average of all states, excluding streaming and phone bill costs, as reported by Forbes.

Annual home maintenance costs are made up of tack categories that are considered essential annual home maintenance tasks: appliance maintenance, carpet cleaning, central air conditioning maintenance, patio staining and sealing, duct and vent cleaning, fireplace and chimney cleaning, lawn with comprehensive Service Gutter care, cleaning and maintenance, heating system maintenance, house cleaning, pressure washing, roof maintenance, sprinkler and irrigation system maintenance, tile and grout cleaning, tree trimming and removal, water heater maintenance and window cleaning.

Pricing data is based on projects requested on Thumbtack reported directly by the independent service professional or individual customer. Cost is an unweighted index of all annual home maintenance projects and is calculated quarterly using a moving average.

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to enter the next chapter of life. As the most visited real estate website in The United StatesZillow® and its partners provide customers with an on-demand experience to sell, buy, rent or finance with transparency and ease.

Zillow Group's affiliates, brands and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans; Zillow Closing Services; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive® and dotloop®, as well as interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

About thumbtack

Thumbtack is a technology leader developing the modern home management platform. With the Thumbtack app, homeowners can manage their homes effortlessly – knowing with confidence what to do, when to do it, and who to hire. Bring them 600 billion dollars Thumbtack is an online platform for the home services industry, empowering millions of homeowners to repair, maintain and improve their most valuable assets. Hundreds of thousands of local service professionals, from painters and plumbers to photographers and electricians, use the Thumbtack platform every year to grow their businesses.

SOURCE Zillow Group, Inc.

The post Hidden prices of homeownership can add as much as practically $15,000 yearly appeared first on Los Gatos News And Events.

The new analysis from Zillow and Thumbtack identifies the additional costs home buyers can expect, including utilities, insurance, maintenance and property taxes

• Homeowners can expect a payment $14,155 a year, or $1,180 per month in hidden costs associated with owning a home.
• These annual costs can be too high $22,791 in the San Francisco metro area and as low as $9,886 In Las Vegas.
• Affordability is the biggest challenge for first-time home buyers. Zillow's affordability calculator and new monthly cost finder tool, as well as Thumbtack's personalized maintenance guides, can help buyers factor these costs into their budget.

SEATTLE And SAN FRANCISCO, June 1, 2023 /PRNewswire/ — The daily cost of owning a home is higher than ever, according to a new analysis from Zillow® and Thumbtack. Utility bills, property taxes, insurance and essential maintenance can add up $14,155 per year for the average US homeowner. This is an addition $1,180 per month in addition to a typical mortgage payment. First-time home buyers facing affordability challenges in today's market need to understand and factor in these less obvious expenses when calculating how much home they can afford.

These costs can be surprisingly high and even higher in already expensive metropolitan areas $22,000 annually in San Francisco, new York And The angel. Of the 39 metropolitan areas analyzed, the hidden costs of homeownership are the lowest Las Vegas ($9,886); Asheville, North Carolina ($11,318); And St Louis ($11,824).

Research from Zillow and Thumbtack examined three unavoidable expenses for single-family homeowners—property taxes, home insurance, and utilities (energy, water, natural gas, and internet)—and found that they were average $7,742 overall nationwide. New Yorkers pay the highest property taxes, even more $9,000 per year while utility costs are at their highest Hartford, Connecticutaveraging $4,443 a year. The cost of homeowners insurance varies depending on home value, so homeowners in the cheapest metropolitan areas, such as Pittsburgh And Clevelandhave the added benefit of lower insurance costs.

The analysis also considered Thumbtack's 17 essential home maintenance projects, based on data from millions of home projects completed across the country. These projects have an overall average $6,413 yearly. The average maintenance costs are highest in The angel And Chicagoin total $8,639 And $7,722 respectively. Homeowners are now in Las Vegas can expect to pay fairly $3,467 per year to maintain their homes.

“Just like you would visit a mechanic regularly to keep your car in good condition and avoid high bills, your home also needs the same routine maintenance to ensure everything is running smoothly,” he said David Steckel, Thumbtack's home expert. “Staying on top of your home's annual maintenance will not only increase your home's value, but also avoid emergency repairs that can break the homeowner's budget.”

Nearly half of all home buyers (45%) are first-time buyers, and they may be surprised by these costs and not take them into account when budgeting for a home. When buyers start in the Home Loans tab on the Zillow homepage, they can use an affordability calculator to figure out how much they can afford, then connect with a loan officer to not only find out what mortgage they qualify for , but also what they would like to pay. Given these additional costs. With that budget, buyers can then use a new app filter on Zillow to purchase homes based on monthly cost instead of purchase price.

“Understanding all the costs that come with homeownership can impact not only a buyer's budget, but also the type of home they purchase,” said Zillow home trends expert Amanda Pendleton. “While a large backyard or larger home can be attractive, it is important to consider how much it might cost to maintain these spaces. Buyers may want to consider affordable alternatives to single-family homes or spend more up front on a new construction home that might require less maintenance in the short term.”

Once buyers close the deal, Thumbtack is the point of contact to help you care for your new home. By entering their home's location and features on Thumbtack, homeowners can receive personalized guidance on which projects to complete, when, and who to hire to complete the work. This will help homeowners create prioritized maintenance plans that are within their budget and cover everything from move-in home cleaning to tree trimming and roof maintenance.

methodology

In this analysis, property taxes were calculated using the average effective tax rate in each metropolitan area multiplied by the area's average home value, as measured by the Zillow Home Value Index.

In estimating insurance costs, this analysis assumed that homeowners pay 0.5% of their home's value each year, which was calculated as 0.005 multiplied by the area's average home value as measured by the Zillow Home Value Index.

Utility costs were calculated using the unweighted average of all states, excluding streaming and phone bill costs, as reported by Forbes.

Annual home maintenance costs are made up of tack categories that are considered essential annual home maintenance tasks: appliance maintenance, carpet cleaning, central air conditioning maintenance, patio staining and sealing, duct and vent cleaning, fireplace and chimney cleaning, lawn with comprehensive Service Gutter care, cleaning and maintenance, heating system maintenance, house cleaning, pressure washing, roof maintenance, sprinkler and irrigation system maintenance, tile and grout cleaning, tree trimming and removal, water heater maintenance and window cleaning.

Pricing data is based on projects requested on Thumbtack reported directly by the independent service professional or individual customer. Cost is an unweighted index of all annual home maintenance projects and is calculated quarterly using a moving average.

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to enter the next chapter of life. As the most visited real estate website in The United StatesZillow® and its affiliates provide customers with a transparent and easy, on-demand experience for selling, buying, renting or financing.

Zillow Group's affiliates, brands and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans; Zillow Closing Services; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive® and dotloop®, as well as interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

About thumbtack

Thumbtack is a technology leader developing the modern home management platform. With the Thumbtack app, homeowners can manage their homes effortlessly – knowing with confidence what to do, when to do it, and who to hire. Bring them 600 billion dollars Thumbtack is an online platform for the home services industry, empowering millions of homeowners to repair, maintain and improve their most valuable assets. Hundreds of thousands of local service professionals, from painters and plumbers to photographers and electricians, use the Thumbtack platform each year to grow their businesses.

SOURCE Zillow Group, Inc.

For more information: Amanda Pendleton, Zillow, press@zillow.com; or Gina Balistreri, Thumbtack, press@thumbtack.com

The post Hidden prices of homeownership can add as much as almost $15,000 yearly appeared first on Los Gatos News And Events.

Federal Home Loan Bank Of San Francisco

Empowering Black Homeownership Program matched funds the Bank’s member financial institutions donated to housing counseling organizations serving communities of color

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 .

Story continues

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 CJ 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 into 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.

CONTACT: Media Contact: Mary Long Senior Director, Marketing Communications longm@fhlbsf.com 415.616.2556

The post FHLBank San Francisco Matching Grant Program Delivers Extra Than $2 Million to Assist Slender the Black Homeownership Hole appeared first on Los Gatos News And Events.

CHICO, Calif.–(BUSINESS WIRE)–Tri Counties Bank announced today, in conjunction with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), a $200,000 donation to promote Black homeownership as part of the FHLBank San Francisco’s Empowering Black Homeownership matching grant program.

The recently launched program is a key component of Tri Counties Bank and FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps. Through this new program, FHLBank San Francisco’s member financial institutions can request dollar-for-dollar matching grants, up to a total matching amount of $125,000, for their donations to approved housing counseling agencies.

“We are fortunate to have FHLBank San Francisco as a partner in our efforts to increase Black homeownership across our footprint,” said Rick Smith, President & CEO of Tri Counties Bank. “There is no better time to kick off this program than in June, both for National Homeownership Month and in appreciation of Juneteenth.”

FHLBank San Francisco matched Tri Counties Bank’s $100,000 donation for a total of $200,000, which will be distributed in $50,000 grants to four Housing Counseling Agencies (HCAs) throughout Tri Counties Bank’s footprint: Greater Sacramento Urban League, Self Help Enterprises, Community Housing Development Corporation, and San Francisco Housing Development Corporation.

“Pre- and post-homeownership counseling can be the key to sustainable homeownership, and we are thrilled that Tri Counties Bank is using our new Empowering Black Homeownership program to support four different HCAs,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHL Bank San Francisco. “The Bank’s match of Tri Counties Bank’s donations to these HCAs will magnify their impact and enable the agencies to serve more aspiring and at-risk homeowners in communities where Tri Counties Bank does business.”

Greater Sacramento Urban League

Greater Sacramento Urban League (GSUL) has been aiding youths and adults from underrepresented communities throughout Sacramento County for over 50 years, providing comprehensive housing counseling, education, job training and placement opportunities to achieve economic self-reliance.

The organization plans to use their grant from Tri Counties Bank and FHLBank San Francisco to assist with their Housing Counseling Program, which is HUD approved and offered to the public at no cost. The program offers counseling in areas such as homelessness, rental assistance, first-time home buyer, credit and budgeting, and refinancing.

“Sacramento County has the lowest Black home ownership rate in California. Far too many have lost hope in the American dream of home ownership,” said Dwayne Crenshaw, JD, President and CEO of the Greater Sacramento Urban League. “With this critical grant funding, the Greater Sacramento Urban League will strive to restore hope to families we reach by offering them personalized financial planning services to help get their families on a realistic path to actually achieving the dream.”

Self Help Enterprises

Self-Help Enterprises (SHE), located in Visalia, California, was founded in 1965 with the mission to work together with low-income families to build and sustain healthy homes and communities. SHE serves eight counties in the San Joaquin Valley: Fresno, Kern, Kings, Madera, Mariposa, Merced, Stanislaus and Tulare counties. Although this area is known as a top agricultural production region, the San Joaquin Valley has among the highest poverty rates in the State of California.

The organization will use the grant to link opportunities to enhance and create outreach campaigns in Black communities to promote the Mutual Self-Help Housing Program. Participants will be served with customized homeownership resources, educational, and home counseling needs. SHE will implement alliances and collaboration strategies with partners to pursue shared goals to raise and strengthen Black homeownership.

“We are grateful for Tri Counties Bank’s Black Homeownership Grant as it will enable us to continue to provide accessible housing opportunities for the underserved members of our community,” said Tom Collishaw, President and CEO of SHE. “This grant will help create a direct path toward sustainable homeownership for the Valley’s Black families and will empower them to build wealth for generations to come.”

Community Housing Development Corp

Community Housing Development Corporation, located in Richmond, California, provides a broad range of affordable housing opportunities and services throughout the Bay Area to enable low/moderate income residents to gain better housing and financial stability.

The organization plans to use their grant to fund the Black Wealth Initiative (BWI), which helps to close the Black wealth gap through encouraging and helping black people in the Bay Area to become homeowners. The BWI assists with both homebuying education and down payment and/or closing costs. While the program is still in its infancy, the organization has already assisted one homeowner with closing the purchase of a home and three more are already on the way towards homeownership.

“The Black Wealth Initiative (BWI) focuses on one of the leading causes of the black wealth gap, and that is the disparate number of black homeowners compared to white homeowners,” said Don Gilmore, Executive Director of the Community Housing Development Corporation. “CHDC and Tri Counties Bank hope to close that gap by helping more black families and individuals to purchase homes in the Bay Area, which will also help to build generational wealth for years to come.”

San Francisco Housing Development Corporation

San Francisco Housing Development Corporation (SFHDC) was founded in 1988 with the mission to foster financial stability through the development of affordable housing, the facilitation of homeownership and the economic empowerment and revitalization of San Francisco’s communities of color.

The Empowering Black Homeownership matching grant will support SFHDC’s Housing Counseling & Financial Empowerment Program, which provides renters, aspiring homebuyers and existing homeowners with the skills, knowledge and information they need to obtain, stabilize and maintain affordable housing, whether it’s a rental or home purchase . The program supports 1,500 clients a year, with over 80% of them individuals of color.

“Since our founding in 1988, SFHDC has focused on empowering Black San Franciscans to achieve homeownership, and providing them with other economic stability and mobility strategies to create wealth,” said David Sobel, SFHDC’s Chief Executive Officer. “The generous support of FHLBank and Tri Counties Bank will enable us to continue this urgently needed work amidst soaring housing prices, and address racial disparities within the arena of both home purchase and homeownership retention.”

About Tri Counties Bank

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of over $10 billion and more than 45 years of financial stability. Tri Counties Bank provides a unique brand of Service With Solutions® for communities throughout California with a breadth of personal, small business and commercial banking services, plus an extensive branch network, more than 37,000 surcharge-free ATMs nationwide, and advanced online and mobile banking . Visit TriCountiesBank.com to learn more. Member FDIC.

About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.

The post Tri Counties Financial institution and FHLBank San Francisco Donate $200,000 to Black Homeownership for Nationwide Homeownership Month appeared first on Los Gatos News And Events.

CHICO, Calif.–(BUSINESS WIRE)–Jun 16, 2022–

Tri Counties Bank announced today, in conjunction with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), a $200,000 donation to promote Black homeownership as part of the FHLBank San Francisco’s Empowering Black Homeownership matching grant program.

The recently launched program is a key component of Tri Counties Bank and FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps. Through this new program, FHLBank San Francisco’s member financial institutions can request dollar-for-dollar matching grants, up to a total matching amount of $125,000, for their donations to approved housing counseling agencies.

“We are fortunate to have FHLBank San Francisco as a partner in our efforts to increase Black homeownership across our footprint,” said Rick Smith, President & CEO of Tri Counties Bank. “There is no better time to kick off this program than in June, both for National Homeownership Month and in appreciation of Juneteenth.”

FHLBank San Francisco matched Tri Counties Bank’s $100,000 donation for a total of $200,000, which will be distributed in $50,000 grants to four Housing Counseling Agencies (HCAs) throughout Tri Counties Bank’s footprint: Greater Sacramento Urban League, Self Help Enterprises, Community Housing Development Corporation, and San Francisco Housing Development Corporation.

“Pre- and post-homeownership counseling can be the key to sustainable homeownership, and we are thrilled that Tri Counties Bank is using our new Empowering Black Homeownership program to support four different HCAs,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHL Bank San Francisco. “The Bank’s match of Tri Counties Bank’s donations to these HCAs will magnify their impact and enable the agencies to serve more aspiring and at-risk homeowners in communities where Tri Counties Bank does business.”

Greater Sacramento Urban League

Greater Sacramento Urban League (GSUL) has been aiding youths and adults from underrepresented communities throughout Sacramento County for over 50 years, providing comprehensive housing counseling, education, job training and placement opportunities to achieve economic self-reliance.

The organization plans to use their grant from Tri Counties Bank and FHLBank San Francisco to assist with their Housing Counseling Program, which is HUD approved and offered to the public at no cost. The program offers counseling in areas such as homelessness, rental assistance, first-time home buyer, credit and budgeting, and refinancing.

“Sacramento County has the lowest Black home ownership rate in California. Far too many have lost hope in the American dream of home ownership,” said Dwayne Crenshaw, JD, President and CEO of the Greater Sacramento Urban League. “With this critical grant funding, the Greater Sacramento Urban League will strive to restore hope to families we reach by offering them personalized financial planning services to help get their families on a realistic path to actually achieving the dream.”

Self Help Enterprises

Self-Help Enterprises (SHE), located in Visalia, California, was founded in 1965 with the mission to work together with low-income families to build and sustain healthy homes and communities. SHE serves eight counties in the San Joaquin Valley: Fresno, Kern, Kings, Madera, Mariposa, Merced, Stanislaus and Tulare counties. Although this area is known as a top agricultural production region, the San Joaquin Valley has among the highest poverty rates in the State of California.

The organization will use the grant to link opportunities to enhance and create outreach campaigns in Black communities to promote the Mutual Self-Help Housing Program. Participants will be served with customized homeownership resources, educational, and home counseling needs. SHE will implement alliances and collaboration strategies with partners to pursue shared goals to raise and strengthen Black homeownership.

“We are grateful for Tri Counties Bank’s Black Homeownership Grant as it will enable us to continue to provide accessible housing opportunities for the underserved members of our community,” said Tom Collishaw, President and CEO of SHE. “This grant will help create a direct path toward sustainable homeownership for the Valley’s Black families and will empower them to build wealth for generations to come.”

Community Housing Development Corp

Community Housing Development Corporation, located in Richmond, California, provides a broad range of affordable housing opportunities and services throughout the Bay Area to enable low/moderate income residents to gain better housing and financial stability.

The organization plans to use their grant to fund the Black Wealth Initiative (BWI), which helps to close the Black wealth gap through encouraging and helping black people in the Bay Area to become homeowners. The BWI assists with both homebuying education and down payment and/or closing costs. While the program is still in its infancy, the organization has already assisted one homeowner with closing the purchase of a home and three more are already on the way towards homeownership.

“The Black Wealth Initiative (BWI) focuses on one of the leading causes of the black wealth gap, and that is the disparate number of black homeowners compared to white homeowners,” said Don Gilmore, Executive Director of the Community Housing Development Corporation. “CHDC and Tri Counties Bank hope to close that gap by helping more black families and individuals to purchase homes in the Bay Area, which will also help to build generational wealth for years to come.”

San Francisco Housing Development Corporation

San Francisco Housing Development Corporation (SFHDC) was founded in 1988 with the mission to foster financial stability through the development of affordable housing, the facilitation of homeownership and the economic empowerment and revitalization of San Francisco’s communities of color.

The Empowering Black Homeownership matching grant will support SFHDC’s Housing Counseling & Financial Empowerment Program, which provides renters, aspiring homebuyers and existing homeowners with the skills, knowledge and information they need to obtain, stabilize and maintain affordable housing, whether it’s a rental or home purchase . The program supports 1,500 clients a year, with over 80% of them individuals of color.

“Since our founding in 1988, SFHDC has focused on empowering Black San Franciscans to achieve homeownership, and providing them with other economic stability and mobility strategies to create wealth,” said David Sobel, SFHDC’s Chief Executive Officer. “The generous support of FHLBank and Tri Counties Bank will enable us to continue this urgently needed work amidst soaring housing prices, and address racial disparities within the arena of both home purchase and homeownership retention.”

About Tri Counties Bank

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of over $10 billion and more than 45 years of financial stability. Tri Counties Bank provides a unique brand of Service With Solutions® for communities throughout California with a breadth of personal, small business and commercial banking services, plus an extensive branch network, more than 37,000 surcharge-free ATMs nationwide, and advanced online and mobile banking . Visit TriCountiesBank.com to learn more. Member FDIC.

About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220616005302/en/

CONTACT: Megan Sheehan, Community Engagement Manager

megansheehan@tcbk.com

(530) 332-2330

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES FINANCE SOCIAL SERVICES BANKING PROFESSIONAL SERVICES PHILANTHROPY FOUNDATION BUSINESS

SOURCE: Tri Counties Bank

Copyright Business Wire 2022.

PUB: 06/16/2022 12:30 PM / DISC: 06/16/2022 12:32 PM

http://www.businesswire.com/news/home/20220616005302/en

The post Tri Counties Financial institution and FHLBank San Francisco Donate $200,000 to Black Homeownership for Nationwide Homeownership Month | Information appeared first on Los Gatos News And Events.

CHICO, Calif., June 16, 2022–(BUSINESS WIRE)–Tri Counties Bank announced today, in conjunction with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), a $200,000 donation to promote Black homeownership as part of the FHLBank San Francisco’s Empowering Black Homeownership matching grant program.

The recently launched program is a key component of Tri Counties Bank and FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps. Through this new program, FHLBank San Francisco’s member financial institutions can request dollar-for-dollar matching grants, up to a total matching amount of $125,000, for their donations to approved housing counseling agencies.

“We are fortunate to have FHLBank San Francisco as a partner in our efforts to increase Black homeownership across our footprint,” said Rick Smith, President & CEO of Tri Counties Bank. “There is no better time to kick off this program than in June, both for National Homeownership Month and in appreciation of Juneteenth.”

FHLBank San Francisco matched Tri Counties Bank’s $100,000 donation for a total of $200,000, which will be distributed in $50,000 grants to four Housing Counseling Agencies (HCAs) throughout Tri Counties Bank’s footprint: Greater Sacramento Urban League, Self Help Enterprises, Community Housing Development Corporation, and San Francisco Housing Development Corporation.

“Pre- and post-homeownership counseling can be the key to sustainable homeownership, and we are thrilled that Tri Counties Bank is using our new Empowering Black Homeownership program to support four different HCAs,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHL Bank San Francisco. “The Bank’s match of Tri Counties Bank’s donations to these HCAs will magnify their impact and enable the agencies to serve more aspiring and at-risk homeowners in communities where Tri Counties Bank does business.”

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Greater Sacramento Urban League

Greater Sacramento Urban League (GSUL) has been aiding youths and adults from underrepresented communities throughout Sacramento County for over 50 years, providing comprehensive housing counseling, education, job training and placement opportunities to achieve economic self-reliance.

The organization plans to use their grant from Tri Counties Bank and FHLBank San Francisco to assist with their Housing Counseling Program, which is HUD approved and offered to the public at no cost. The program offers counseling in areas such as homelessness, rental assistance, first-time home buyer, credit and budgeting, and refinancing.

“Sacramento County has the lowest Black home ownership rate in California. Far too many have lost hope in the American dream of home ownership,” said Dwayne Crenshaw, JD, President and CEO of the Greater Sacramento Urban League. “With this critical grant funding, the Greater Sacramento Urban League will strive to restore hope to families we reach by offering them personalized financial planning services to help get their families on a realistic path to actually achieving the dream.”

Self Help Enterprises

Self-Help Enterprises (SHE), located in Visalia, California, was founded in 1965 with the mission to work together with low-income families to build and sustain healthy homes and communities. SHE serves eight counties in the San Joaquin Valley: Fresno, Kern, Kings, Madera, Mariposa, Merced, Stanislaus and Tulare counties. Although this area is known as a top agricultural production region, the San Joaquin Valley has among the highest poverty rates in the State of California.

The organization will use the grant to link opportunities to enhance and create outreach campaigns in Black communities to promote the Mutual Self-Help Housing Program. Participants will be served with customized homeownership resources, educational, and home counseling needs. SHE will implement alliances and collaboration strategies with partners to pursue shared goals to raise and strengthen Black homeownership.

“We are grateful for Tri Counties Bank’s Black Homeownership Grant as it will enable us to continue to provide accessible housing opportunities for the underserved members of our community,” said Tom Collishaw, President and CEO of SHE. “This grant will help create a direct path toward sustainable homeownership for the Valley’s Black families and will empower them to build wealth for generations to come.”

Community Housing Development Corp

Community Housing Development Corporation, located in Richmond, California, provides a broad range of affordable housing opportunities and services throughout the Bay Area to enable low/moderate income residents to gain better housing and financial stability.

The organization plans to use their grant to fund the Black Wealth Initiative (BWI), which helps to close the Black wealth gap through encouraging and helping black people in the Bay Area to become homeowners. The BWI assists with both homebuying education and down payment and/or closing costs. While the program is still in its infancy, the organization has already assisted one homeowner with closing the purchase of a home and three more are already on the way towards homeownership.

“The Black Wealth Initiative (BWI) focuses on one of the leading causes of the black wealth gap, and that is the disparate number of black homeowners compared to white homeowners,” said Don Gilmore, Executive Director of the Community Housing Development Corporation. “CHDC and Tri Counties Bank hope to close that gap by helping more black families and individuals to purchase homes in the Bay Area, which will also help to build generational wealth for years to come.”

San Francisco Housing Development Corporation

San Francisco Housing Development Corporation (SFHDC) was founded in 1988 with the mission to foster financial stability through the development of affordable housing, the facilitation of homeownership and the economic empowerment and revitalization of San Francisco’s communities of color.

The Empowering Black Homeownership matching grant will support SFHDC’s Housing Counseling & Financial Empowerment Program, which provides renters, aspiring homebuyers and existing homeowners with the skills, knowledge and information they need to obtain, stabilize and maintain affordable housing, whether it’s a rental or home purchase . The program supports 1,500 clients a year, with over 80% of them individuals of color.

“Since our founding in 1988, SFHDC has focused on empowering Black San Franciscans to achieve homeownership, and providing them with other economic stability and mobility strategies to create wealth,” said David Sobel, SFHDC’s Chief Executive Officer. “The generous support of FHLBank and Tri Counties Bank will enable us to continue this urgently needed work amidst soaring housing prices, and address racial disparities within the arena of both home purchase and homeownership retention.”

About Tri Counties Bank

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of over $10 billion and more than 45 years of financial stability. Tri Counties Bank provides a unique brand of Service With Solutions® for communities throughout California with a breadth of personal, small business and commercial banking services, plus an extensive branch network, more than 37,000 surcharge-free ATMs nationwide, and advanced online and mobile banking . Visit TriCountiesBank.com to learn more. Member FDIC.

About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005302/en/

Contacts

Megan Sheehan, Community Engagement Manager
megansheehan@tcbk.com
(530) 332-2330

The post Tri Counties Financial institution and FHLBank San Francisco Donate $200,000 to Black Homeownership for Nationwide Homeownership Month appeared first on Los Gatos News And Events.

SAN FRANCISCO, March 01, 2022 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making $1 million available to help expand the capacity of HUD-approved housing counseling agencies to serve more aspiring and at- risk homeowners in communities of color. The Empowering Black Homeownership grant program is a key component of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps.

The program allows eligible FHLBank San Francisco member financial institutions to request dollar-for-dollar matching grants up to a total matching amount of $125,000. The grants will be made to approved housing counseling agencies (HCAs) and used for HUD-eligible activities in 2022 – 2023, including staffing, marketing, and pre-and post-purchase counseling.

“Knowledge is power, and this funding can help ensure that Black homebuyers and homeowners have equal access to all the information they need to feel confident in their own ability to purchase a home or sustain homeownership,” said Teresa Bryce Bazemore, president and CEO of FHL Bank San Francisco. “Empowering Black Homeownership grants are an important new way the Bank can partner with our members to advance racial equity; we are providing financial support to HCAs that directly serve populations that have been historically disadvantaged when it comes to building wealth through homeownership.”

Historically, homeownership is a primary wealth builder in America, passed down through generations. Communities of color are often at a disadvantage and systemically challenged with tighter lending standards, higher debt-to-income ratios, lower liquid savings, and thus a disproportionate risk of foreclosures. Empowering Black Homeownership grants target providing education to Black homeowners and homebuyers who continue to face such hurdles in advancing their financial stability and also that of their children and grandchildren.

“These grants will help hardworking people obtain the necessary resources to guide them through the homebuying and owning process,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “The tools and knowledge available through expert counseling are lifelong lessons to ensure confidence and successful homeownership.”

For more information about the Bank’s dedication to supporting housing opportunity, visit www.fhlbsf.com/community-programs.

About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.

Media contact:
Mary Long
Senior Director, Marketing Communications
longm@fhlbsf.com
415.616.2556

The post FHLBank San Francisco Publicizes $1 Million Matching Grant Program Geared toward Narrowing the Black Homeownership Hole by Increasing Entry to Skilled Housing Counseling Companies appeared first on Los Gatos News And Events.

Federal Home Loan Bank Of San Francisco

New Empowering Black Homeownership grants will flow through the Bank’s member financial institutions to housing counseling agencies in targeted areas

SAN FRANCISCO, March 01, 2022 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is making $1 million available to help expand the capacity of HUD-approved housing counseling agencies to serve more aspiring and at- risk homeowners in communities of color. The Empowering Black Homeownership grant program is a key component of FHLBank San Francisco’s commitment to advancing racial equity in homeownership and narrowing the Black homeownership and wealth gaps.

The program allows eligible FHLBank San Francisco member financial institutions to request dollar-for-dollar matching grants up to a total matching amount of $125,000. The grants will be made to approved housing counseling agencies (HCAs) and used for HUD-eligible activities in 2022 – 2023, including staffing, marketing, and pre-and post-purchase counseling.

“Knowledge is power, and this funding can help ensure that Black homebuyers and homeowners have equal access to all the information they need to feel confident in their own ability to purchase a home or sustain homeownership,” said Teresa Bryce Bazemore, president and CEO of FHL Bank San Francisco. “Empowering Black Homeownership grants are an important new way the Bank can partner with our members to advance racial equity; we are providing financial support to HCAs that directly serve populations that have been historically disadvantaged when it comes to building wealth through homeownership.”

Historically, homeownership is a primary wealth builder in America, passed down through generations. Communities of color are often at a disadvantage and systemically challenged with tighter lending standards, higher debt-to-income ratios, lower liquid savings, and thus a disproportionate risk of foreclosures. Empowering Black Homeownership grants target providing education to Black homeowners and homebuyers who continue to face such hurdles in advancing their financial stability and also that of their children and grandchildren.

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“These grants will help hardworking people obtain the necessary resources to guide them through the homebuying and owning process,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “The tools and knowledge available through expert counseling are lifelong lessons to ensure confidence and successful homeownership.”

For more information about the Bank’s dedication to supporting housing opportunity, visit www.fhlbsf.com/community-programs.

About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.

Media contact:
Mary Long
Senior Director, Marketing Communications
longm@fhlbsf.com
415.616.2556

The post FHLBank San Francisco Proclaims $1 Million Matching Grant Program Aimed toward Narrowing the Black Homeownership Hole by Increasing Entry to Professional Housing Counseling Companies appeared first on Los Gatos News And Events.