Federal Home Loan Bank’s Workforce Initiative Subsidy for Homeownership (WISH Program)

Homeownership has long been a cornerstone of wealth building and financial stability. However, many prospective buyers face significant challenges in saving for a down payment, creating a substantial barrier to homeownership. As part of its commitment to community development, Western Alliance Bank has teamed up with the Federal Home Loan Bank since 2006 to facilitate a down payment assistance program for aspiring homeowners, the Workforce Initiative Subsidy for Homeownership (WISH Program).

For Western Alliance Bank, the down payment assistance program is a large undertaking that represents a meaningful way to give back to the community.

How Down Payment Assistance Works

For nearly two decades, Western Alliance Bank has collaborated with local nonprofit counseling agencies in Arizona, California and Nevada to connect with individuals and families who need down payment assistance. These agencies provide crucial support by working with potential buyers — sometimes for longer than a year — to prepare them for homeownership.

Services include:

• Helping homebuyers with credit cleanup
• Financial education on saving and budgeting
• Strategies on planning for unforeseen expenses

Completion of the program is a mandatory part of the process for buyers.

Buying a Home With Down Payment Assistance Program 

Once buyers are ready, these agencies connect them with Western Alliance Bank to establish income eligibility and determine the down payment match. The process guides buyers each step of the way.

Qualifying for a home

To qualify, buyers must have an income at or below 80% of the HUD Area Median Income (AMI), as determined annually by the U.S. Department of Housing and Urban Development.

Setting the down payment amount

After confirming income eligibility, the exciting part begins — closing on a home! Buyers in this program are eligible to receive a grant matching their funds at a 4:1 ratio, up to $30,000. For instance, a buyer contributing $7,500 toward a down payment would receive the full $30,000 grant.

Planning for loan forgiveness

These grants are forgivable after five years, meaning no repayment is required as long as the buyer remains in the home for that period.

Western Alliance Bank's Commitment to Down Payment Assistance

Each year, the Federal Home Loan Bank allocates approximately $12 million to this program. Historically Western Alliance Bank has facilitated a majority of them and is the largest bank source of these grants year after year in all of Arizona, California and Nevada. Demand for the program has steadily increased over the years. Since partnering with the Federal Home Loan Bank, the Western Alliance Bank has helped numerous families achieve their dream of homeownership, significantly impacting the community.