FHLB Awards Low-Income Homebuyer GrantsTo CUs
SAN FRANCISCO - (04/12/06) - The Federal Home Loan Bank of SanFrancisco said it awarded its member institutions $8.2 million,more than $500,000 of it to credit unions, to help them financemortgages for low-income first-time homebuyers. The FHLB awarded$4.1 million to help finance downpayments for participants in theIndividual Development Empowerment Account Program, and $4.1million for the Workforce Initiative Subsidy for HomeownershipProgram. Under both programs, the bank's matching grants may beused for downpayment and/or closing costs. The credit unionrecipients are: Arizona FCU, Meriwest CU, University & StateEmployees CU, Santa Cruz Community CU, AEA FCU, Arrowhead CentralCU and Travis CU.