Federal Home Loan Bank of San Francisco

What Federal Home Loan Bank of San Francisco does

Federal Home Loan Bank of San Francisco (FHLBank SF) is a federally chartered, privately capitalized cooperative created by Congress in 1932 as one of 11 regional banks in the Federal Home Loan Bank System. The Bank provides wholesale liquidity, letters of credit, and grant programs to 100+ member financial institutions — including commercial banks, credit unions, CDFIs, insurance companies, and savings institutions — across Arizona, California, and Nevada. Its core revenue-generating products are Advances (Fixed Rate, Adjustable Rate, Overnight, and Structured variants) and Letters of Credit, both backed by Aa1 (Moody's) and AA+ (S&P) credit ratings that allow the Bank to access capital markets at favorable cost and pass that advantage through to members. Quarterly dividends on capital stock (4.75% on Class B-1 membership stock, 10.00% on Class B-2 activity-based stock as of Q1 2026) constitute a second revenue stream.

The Bank operates a community development mission alongside its commercial activities, funded in part by a statutory 10% of income set-aside for the Affordable Housing Program (AHP) plus voluntary contributions. Grant programs include AHP for affordable housing development, WISH for first-time homebuyer downpayment assistance (up to $32,837 per household), AHEAD for economic development (up to $200,000 per project in 2026), and the newer Middle-Income Downpayment Assistance program (up to $50,000). Discounted credit products — Community Investment Program (CIP) and Advances for Community Enterprise (ACE) — provide below-market-rate funding for eligible affordable housing and economic development initiatives. In 2025, FHLBank SF delivered $92.2 million across these programs, and the Bank doubled its voluntary contribution rate from approximately 5% to 10% of prior-year net income for 2026, committing $45.7 million.

Distribution is wholesale-only via relationship managers, a Member Services Desk, and a member portal. The Bank is governed by a board elected by members, regulated by the Federal Housing Finance Agency (FHFA), and headquartered in San Francisco with approximately 300 employees. Revenue figures are not publicly disclosed, consistent with cooperative structure where returns flow to members through dividends and grant capacity rather than reported earnings. Leadership underwent transition in late 2025 / early 2026, with a new Interim CEO, CIO, CLO, and Community Investment Officer appointed.

Name

Federal Home Loan Bank of San Francisco

Legal name

Federal Home Loan Bank of San Francisco

Website

https://fhlbsf.com

Company type

Private

Founded year

1932

Operating status

Operating

Headcount range

251–500 employees

Short description

Federal Home Loan Bank of San Francisco is a federally chartered, member-owned cooperative providing wholesale liquidity, letters of credit, and affordable housing and economic development grants to 100+ financial institutions across Arizona, California, and Nevada.

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others, Marketing or Sales

Revenue model

1. Advances (Lending): FHLBank San Francisco provides members with interim and long-term funding through fixed rate advances, adjustable rate advances, overnight advances, and structured advances. These products generate interest income for the Bank while providing members with reliable liquidity.
2. Letters of Credit Fees: Letters of credit generate one-time setup fees and annual fees from member financial institutions seeking to secure public sector deposits or support bond issuance.
3. Capital Stock Dividends: The Bank pays quarterly dividends on Class B-1 membership stock and Class B-2 activity-based stock. As of Q1 2026, annualized dividend rates were 4.75% on membership-based stock and 10.00% on activity-based stock.
4. Statutory and Voluntary AHP Contributions: The Bank is required to set aside 10% of income for its Affordable Housing Program and voluntarily contributes additional amounts. These contributions support grant programs funded by the Bank's operating income.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

FHLBank San Francisco is a federally chartered, privately capitalized, member-owned cooperative that provides wholesale liquidity (advances), letters of credit, and discounted credit products (CIP/ACE) to member financial institutions in Arizona, California, and Nevada. It supplements these core liquidity products with mandated and voluntary grant programs supporting affordable housing (AHP), first-time homebuyer downpayment assistance (WISH), middle-income downpayment assistance, and economic development (AHEAD), returning value to members through quarterly capital stock dividends.

Product overview

FHLBank San Francisco is a privately capitalized, member-owned cooperative that offers a comprehensive suite of financial products and services to member financial institutions across Arizona, California, and Nevada. The core product portfolio centers on liquidity solutions (Advances including Fixed Rate, Adjustable Rate, Overnight, and Structured variants) and Letters of Credit, supplemented by discounted Community Investment Credit Products (CIP and ACE). The Bank's community mission is fulfilled through grant programs including the Affordable Housing Program (AHP), WISH first-time homebuyer program, AHEAD economic development grants, and the Middle-Income Downpayment Assistance program. Membership provides access to all products plus quarterly dividends and expert resources.

Differentiator

Problem solved

Functional benefit

Products and services

• Advances (Fixed Rate, Adjustable Rate, Overnight, Structured) Interim and long-term funding products providing member financial institutions with reliable liquidity backed by FHLBank San Francisco's Aa1/AA+ credit ratings. Available in fixed rate, adjustable rate, overnight, and structured variants to meet diverse member liquidity, risk management, and cyclical cash flow needs.
• Letters of Credit Flexible letters of credit backed by FHLBank San Francisco's Aa1 (Moody's) and AA+ (S&P) ratings, used by member banks to secure public sector deposits with lower pledged collateral requirements (e.g., 100% vs. 110% for State of California deposits) and to support affordable housing bond issuance.
• Community Investment Credit Products (CIP/ACE) Discounted credit products offering lower-rate advances and letters of credit to members financing eligible affordable housing and economic development initiatives that benefit low- to moderate-income communities.
• Affordable Housing Program (AHP) Statutory grant program providing AHP General Fund and Nevada Targeted Fund grants to members to support construction, rehabilitation, or purchase of housing units affordable to lower-income households, the chronically unhoused, seniors, veterans, and at-risk youth.
• WISH (Workforce Initiative Subsidy for Homeownership) First-time homebuyer downpayment assistance program providing $4-to-$1 matching grants up to $32,837 for eligible first-time homebuyers earning up to 80% of area median income, delivered through member financial institutions.
• AHEAD (Access to Housing and Economic Assistance for Development) Economic development grant program supporting innovative initiatives in low- to moderate-income communities, with grants up to $150,000 (2025) and $200,000 (2026) per project for workforce training, job creation, small business support, and community services.
• Middle-Income Downpayment Assistance Program Matching grant program helping middle-income first-time homebuyers in high-cost Western housing markets with downpayment and closing costs, offering up to $50,000 per eligible borrower.
• Cooperative Membership Cooperative membership providing financial institutions in Arizona, California, and Nevada access to low-cost liquidity, quarterly dividends on capital stock (4.75% on Class B-1 membership stock and 10.00% on Class B-2 activity-based stock as of Q1 2026), and eligibility for grant programs and discounted credit products.

Quantifiable outcome

• $92.2 million in grant funding delivered in 2025, supporting 2,092 affordable housing units, 722 first-time homebuyers, and 64 economic development projects
• +4 more outcomes

Named customers19 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered core and minor.

• East West BankcoreChannel Partner/ Reseller/ DistributorEast West Bank is a member financial institution that has partnered with FHLBank San Francisco for 30 years. The partnership enables East West Bank to access liquidity during crises and has facilitated $2.9 billion in housing bonds supported by FHLBank San Francisco letters of credit. East West Bank has funded approximately 100 affordable housing projects creating more than 15,000 units over 20 years.
• Community Commerce BankcoreChannel Partner/ Reseller/ DistributorCommunity Commerce Bank uses FHLBank San Francisco advances as collateral to fund community lending. The bank portfolio-lends everything it originates and uses FHLBank San Francisco liquidity to meet customer needs when deposits don't match lending timelines.
• Luther Burbank Savings (now WaFed)coreChannel Partner/ Reseller/ DistributorLuther Burbank Savings has participated in the WISH Program since 2013, delivering nearly $1.7 million to 99 homebuyers in their local communities. The member delivers downpayment assistance grants to eligible first-time homebuyers.
• National COREcoreChannel Partner/ Reseller/ DistributorNational CORE is an affordable housing developer that partners with FHLBank San Francisco members to access AHP grants. Has been awarded over $20 million in AHP grants for 42 projects since 1994. Vista de La Sierra received a $500,000 AHP grant delivered through Bank of America California.
• TruWest Credit UnioncoreChannel Partner/ Reseller/ DistributorTruWest Credit Union delivers WISH Program grants to first-time homebuyers in Arizona, including John who received a $32,000 grant to purchase a home outside Phoenix. CEO Chris Kearney emphasizes the credit union's community-focused mission and relationship-building approach.
• Clearinghouse CDFIcoreChannel Partner/ Reseller/ DistributorClearinghouse CDFI was the first non-depository CDFI in the nation to borrow from any Federal Home Loan Bank. Uses FHLBank membership as a source of debt capital to further its mission, do more lending, and impact more people. Facilitated a $1 million AHP grant for Washington View Apartments.
• Genesis LAcoreChannel Partner/ Reseller/ DistributorGenesis LA is a community development lender using FHLBank San Francisco programs including AHP grants and ACE/CIP credit products to further its mission of advancing economic development and community stabilization.
• Raza Development FundcoreChannel Partner/ Reseller/ DistributorRaza Development Fund uses FHLBank San Francisco membership for flexible, low-cost capital. CEO Tommy Espinoza notes FHLBank San Francisco has 'a heart for community development' and the capital is flexible enough to work with various funding sources.
• Community Vision Capital & ConsultingcoreChannel Partner/ Reseller/ DistributorCommunity Vision Capital & Consulting, a CDFI member, has sponsored 17 AHEAD grants for economic development initiatives. Partnered with Honey Art Studio to support youth career programs in San Francisco's Fillmore neighborhood with a $25,000 AHEAD grant.
• LendistrycoreChannel Partner/ Reseller/ DistributorNon-depository CDFI that uses FHLBank San Francisco advances to increase loan amounts, expand product offerings, and reduce interest rates charged to customers. Enables lending to underserved communities not previously supportable.
• Century Housing CorporationcoreChannel Partner/ Reseller/ DistributorCentury Housing Corporation uses AHP access to help borrowers create affordable housing projects. AHP sponsorship builds relationships with borrowers and enables creation of affordable housing developments.
• Neighborhood Housing Services of Los Angeles CountycoreChannel Partner/ Reseller/ DistributorNHS of LA County is a HUD-approved housing counseling agency and FHLBank San Francisco board member organization. Provides homeownership counseling that helps people access WISH grants through member lenders, including Doris Ealy who received a $22,000 WISH grant.
• Oak Valley Community BankminorChannel Partner/ Reseller/ DistributorOak Valley Community Bank received approval for a $150,000 AHEAD grant from FHLBank San Francisco, awarded to City Ministry Network to support workforce development programs for Latino youth through Hispanic Youth Leadership Clubs.
• Vantage West Credit UnionminorChannel Partner/ Reseller/ DistributorVantage West Credit Union partnered with FHLBank San Francisco to award $150,000 in AHEAD grants to three nonprofit organizations in Southern Arizona for workforce training, economic diversification, and food security projects.
• Orange County Business CouncilminorStrategic or Co-development PartnerFHLBank San Francisco partnered with the Orange County Business Council for an affordable housing roundtable focused on strategies to increase housing supply and improve affordability in Orange County, with U.S. Rep. Dave Min participating.
• WPH Holdings, LLCcoreChannel Partner/ Reseller/ DistributorWPH Holdings developed Washington View Apartments in partnership with Las Palmas Housing. The project received a $1 million AHP grant from FHLBank San Francisco and Clearinghouse CDFI to create 122 residences for seniors, including 91 units for formerly unhoused residents.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Federal Home Loan Bank of Atlanta: One of the 11 regional Federal Home Loan Banks in the same cooperative system. Provides identical wholesale liquidity, advances, letters of credit, and AHP grant programs to member institutions in its Southeastern district — directly comparable mandate, product mix, and revenue model.
• Federal Home Loan Bank of Des Moines: Regional FHLBank serving members across Iowa, Minnesota, Missouri, North Dakota, and South Dakota. Operates the same cooperative liquidity, advances, and AHP grant framework, making it a structural peer for benchmarking advance pricing, dividend policy, and grant-funding capacity.
• Federal Home Loan Bank of Pittsburgh: Regional FHLBank serving Delaware, Pennsylvania, and West Virginia. Competes indirectly for member relationships in capital markets issuance and operates an identical member-owned cooperative model with AHP grants and advance products.
• Federal Home Loan Bank of Chicago: Regional FHLBank serving Illinois and Wisconsin with the same cooperative liquidity mandate, advance products, and AHP grant programs. Closely comparable balance sheet scale, member mix, and product economics.
• Federal Home Loan Bank of Cincinnati: Regional FHLBank serving Kentucky, Ohio, and Tennessee. Operates the same statutory mandate and member-owned cooperative structure, providing wholesale advances, letters of credit, and AHP grants to member financial institutions.
• Federal Home Loan Bank of New York: Regional FHLBank serving New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands. Comparable cooperative structure and product suite, with one of the largest balance sheets in the FHLBank System, serving as a useful scale benchmark.

Broad incumbents

• Fannie Mae: Larger federal housing GSE operating in the broader secondary mortgage market. While not a cooperative and not a direct product peer, Fannie Mae shares FHLBank SF's housing finance mission and works with many of the same member lenders on affordable housing initiatives.
• Freddie Mac: Larger federal housing GSE operating in the secondary mortgage market. Shares FHLBank SF's affordable housing mission and interacts with many of the same member institutions, but operates at a much broader national scale with securitization rather than direct advance products.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Customer concentration

• YouTubeyoutube.com/user/fhlbanksf
• Facebookfacebook.com/fhlbanksf
• LinkedInlinkedin.com/company/17171

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments72 records

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Frequently asked questions about Federal Home Loan Bank of San Francisco