SAN FRANCISCO – The Federal Home Loan Bank of San Francisco yesterday announced it has awarded a $1 million grant to Desert Schools FCU to finance construction of a 157-unit residential development for very-low-income mothers in Phoenix.
The grant was one of four credit union-administered projects receiving funding yesterday. The others are: a $675,000 award to Altura CU in Riverside, Calif., for a 45-unit affordable housing project in East Riverside; and two separate awards for a total of $194,000 to Meriwest CU to help build seven Habitat for Humanity homes in San Jose and Santa Clara, Calif.
The San Francisco Bank yesterday awarded a total of $37.3 million in affordable housing grants that will help finance construction or renovation of 4,500 units, including 3,364 for very-low-income residents.
