AEA FCU Wins $750,000 FHLB Grant For Low-Income Homebuyer Assistance
YUMA, Ariz. – AEA FCU was awarded a $750,000 grant yesterday by the Federal Home Loan Bank of San Francisco, part of $32.5 million of affordable housing assistance handed out by the FHLB.
The credit union plans to use the funds for a downpayment assistance program for pre-qualified, low-income homebuyers. These first-time homebuyers will hire contractors and, under the sponsor's modified self-help program, work alongside them to help build their new homes.
The credit union’s partner in the 30-unit project in San Luis, Ariz., is the Comite de Bien Estar Inc., a community development organization.
The San Francisco Bank awarded grants to 60 projects that address the diverse affordable housing needs of communities in Arizona, California, Illinois, Nevada, Oklahoma, Texas and Washington.