8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

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FORM 8-K

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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 17, 2017

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FEDERAL HOME LOAN BANK OF SAN FRANCISCO(Exact name of registrant as specified in its charter)

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Federally chartered corporation	000-51398	94-6000630
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS EmployerIdentification No.)

600 California StreetSan Francisco, CA 94108(Address of principal executive offices, including zip code)

(415) 616-1000(Registrant's telephone number, including area code)

Not Applicable(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

The Federal Home Loan Bank of San Francisco (Bank) issued today a member communication announcing the additional allocation of $60 million towards a community investment program previously announced on June 16, 2015.

A copy of the member communication is included as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in Exhibit 99.1 is being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This Current Report on Form 8-K contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the allocation to the community investment program. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “will,” or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory actions, future operating results, and legislative or regulatory changes. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibit
	99.1	Bulletin No. 1525 (New Quality Jobs Fund) dated March 17, 2017, issued by the Federal Home Loan Bank of San Francisco

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of San Francisco
Date: March 17, 2017	By:	/s/ J. Gregory Seibly
		J. Gregory Seibly President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

March 17, 2017

Bulletin No. 1525

New Quality Jobs Fund

Dear Chief Executive Officer:

On June 16, 2015, the Bank announced that its Board of Directors had allocated $40 million for a new community investment program to be developed by the Bank, using proceeds from litigation settlements related to its private-label residential mortgage-backed securities (PLRMBS). Given the amount of additional PLRMBS litigation settlements received by the Bank in 2016, we are pleased to announce that the Bank’s Board of Directors has allocated an additional $60 million to the new program, bringing the total amount of the Bank’s charitable donation to $100 million. The Bank plans to fund this donation in incremental amounts over the next two years, beginning in the first quarter of 2017.

To help us develop the new program, we held a series of roundtables in 2016 to identify best practices and innovative programs for creating quality jobs and supporting small business expansion in underserved communities, both important objectives in helping to enhance the income and asset-building potential of working families.

Based on what we learned through these forums, the Bank is directing its donation to a new donor-advised fund-the Quality Jobs Fund-which is intended to fund two types of intermediaries:

• Organizations with a proven track record in providing expansion capital to underserved segments of the small business market that results in quality job growth in the businesses receiving the investment

• Organizations that successfully upskill workers through training initiatives that result in higher quality jobs for workers completing the program

The Bank’s $100 million charitable donation will support innovative model initiatives that others can replicate and may have a significant multiplier effect for working class communities and working class families served by our members. Our ultimate goal in establishing the Quality Jobs Fund is to help create the next generation of homeowners.

If you have any questions about the Quality Jobs Fund, please call your Relationship Manager. We look forward to continuing to support your efforts to meet the financing needs of your communities through our community programs and other member programs.

Sincerely,

Greg Seibly

President and Chief Executive Officer

cc: Chief Financial Officer

Credit Contact

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This bulletin contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank’s plans to fund its charitable donation. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “plans,” “will,” “may,” or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory actions, future operating results, and legislative or regulatory changes. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.