The Federal Home Loan Bank of San Francisco awarded $1 million in grants through its Access to Housing and Economic Assistance for Development Program, the bank said this week.

Furthermore, the grants will be used by nonprofit organizations in Arizona, California and Nevada for projects and programs that foster economic development and promote community stability and self-sufficiency.

"The AHEAD Program allows us to strengthen relationships between bank members and nonprofit groups that have special expertise in economic and community development," said Stephen Traynor, senior vice president of financial services and community investment at the bank.

"We are pleased that our grants will help get these projects off the ground," he added.