SAN FRANCISCO – The Federal Home Loan Bank of San Francisco said it has awarded $1.1 million in affordable housing grants to AEA FCU, which is sponsoring two projects in Yuma, Ariz.
The awards were the only ones among $30.5 million in affordable housing grants awarded by the San Francisco Bank, or the $40.1 million awarded by four other FHLBs, none of which awarded a cent to a credit union project.
The FHLBs are required by law to set aside 10% of their annual net income to fund affordable housing projects, but a tiny portion of the funding goes to credit unions, who make up more than 10% of the system now.
Separately, Arizona State CU said yesterday it has received a $25,000 AHEAD grant from the FHLB San Francisco which it will pass on to Tucson Community Housing Corp. to help clean landfills, provide used computer equipment to low income neighborhoods and train homeless people with computer skills.
