Housing Assistance Grants Go ToCUs

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SAN FRANCISCO - (03/22/05) -- The Federal Home Loan Bank of SanFrancisco announced $6.6 million in matching grants Monday to helplower-income residents become homeowners in California, Arizona andNevada. The grants, awarded through the FHLB's IndividualDevelopment and Empowerment Account and Workforce InitiativeSubsidy for Homeownership (WISH) programs, will be administeredthrough 48 of the bank's member institutions, including four creditunions, SAFE CU, Travis CU, Meriwest CU and Arizona FCU. Eachprogram provides up to $15,000, matching $3 for every dollarcontributed by the homeowner, toward a downpayment or closing costsfor a home purchase. For the IDEA Program homebuyers must beenrolled in a Family Self-Sufficiency program through a localpublic housing authority or be enrolled in an IndividualDevelopment Account Program. Under WISH homebuyers must participatein eligible mortgage assistance programs administered by a publicor private entity.

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