Federal Home Loan Bank Funds CU Housing Grants

SAN FRANCISCO – The Federal Home Loan Bank of San Francisco announced yesterday it had awarded almost $7 million, including almost $1 million to credit union, to help fund housing grants for low-income homebuyers. The funds were awarded through the FHLB’s Individual Development and Empowerment Account (IDEA) and Workforce Initiative Subsidy for Homeownership (WISH) programs. Each program provides up to $15,000 per household toward the purchase of a home, matching up to $3 for every dollar saved by the eligible homebuyer. The grant money can be used to pay downpayments or closing costs for loans taken out at participating credit unions and banks. Twenty-three institutions received IDEA grants, including: Arizona FCU ($100,000); Travis CU ($100,000); Meriwest CU ($60,000) and Santa Cruz Community FCU ($60,000). And 31 received WISH grants, including: Arizona FCU ($200,000); Meriwest CU ($200,000) Star One CU ($60,000); Travis CU ($60,000) and Yolo FCU ($60,000).