FHLB Awards Affordable Housing Grants to Four Credit Unions

SAN FRANCISCO – Four credit unions will share almost $1.1 million in affordable housing program grants awarded yesterday by the Federal Home Loan Bank of San Francisco. The grants went to: Arizona State CU ($600,000) to help finance construction of a new 30-unit project of affordable homes in south Tucson; Meriwest CU ($250,000) to help finance construction of a 12-unit rental project for the transition of homeless people, also in Tucson; Altura CU ($261,000) to help finance construction of a new 12-unit rental project in Coachella; and Santa Cruz Community CU ($20,000) to help finance construction of two units of for low- and very low-income residents in conjunction with Habitat for Humanity in Santa Cruz. The grants were part of a total of $34.7 million in affordable housing funds awarded yesterday by the San Francisco FHLB.