SAN FRANCISCO – Three credit unions were awarded a total of $1.2 million of affordable housing grants by the Federal Home Loan Bank of San Francisco yesterday.
The FHLB awarded a total of $14.6 million to its 2010 Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and Empowerment Account (IDEA) first-time homebuyer programs.
Meriwest CU received $500,000 in WISH and $45,000 in IDEA funds; Travis CU won $150,000 of WISH and $120,000 of IDEA funding; and, Yolo FCU received $350,000 in WISH money.
Both WISH and IDEA are matching grant programs that offer up to $15,000 to eligible households toward the purchase of a home, matching $3 for every $1 contributed by the first-time homebuyer. Funds are made available through the FHLB’s member financial institutions to households earning up to 80% of area median income and can be used for down payment and closing costs, which are among the most significant barriers to homeownership. Both programs require participants to complete a homebuyer counseling program administered by an experienced organization.
