SAN FRANCISCO The Federal Home Loan Bank of San Francisco yesterday awarded $10 million in affordable-housing grants to 27 members, including $930,000 to five credit unions.
The FHLB awarded $7.8 million in grants for its WISH (Workforce Initiative Subsidy for Homeownership) program, and $2.2 million for its IDEA program.
WISH grants are targeted at working families and individuals who are ready to make the transition from renting to owning. The IDEA program is directed at homebuyers who have been saving for the purchase of their first home through an Individual Development Account or participating in their local housing authority’s Family Self-Sufficiency homeownership program, or a lease-to-own program administered by a nonprofit or government entity.
Meriwest CU received $300,000 in WISH and $30,000 in IDEA funds; Travis CU got $250,000 in WISH and $15,000 in IDEA money; CoastHills FCU $60,000 in WISH and $15,000 IDEA; Yolo FCU $100,000 in WISH funds; and Star One CU $60,000 in WISH money.
WISH and IDEA grants match $3 for every $1 contributed by the homebuyer, up to a maximum grant of $15,000, and are made available through participating FHLB members to households earning up to 80% of area median income. The funds can be used for down payment and closing costs, which can be significant barriers to homeownership. Both programs require participants to complete a homebuyer counseling program administered by an experienced organization.
