CUs Aid Affordable Housing Projects

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Two credit union projects in Arizona were among 49 projects in four states awarded Affordable Housing Program grants by the Federal Home Loan Bank of San Francisco, the FHLB said.

The regional FHLB awarded $1 million to Tempe Schools CU to help it build a 30-unit low-income project in Phoenix in partnership with the Guadalupe Community Development Corp.; and $600,000 to AEA FCU, in Yuma, Ariz., to build a 40-unit project in San Luis, Ariz., in partnership with Comite de Bien Estar, Inc.

The FHLB grants will be used to leverage private financing to build or renovate 3,056 affordable housing units in Arizona, California, Nevada and Texas.

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