The Federal Home Loan Bank of San Francisco announced $6.6 million in matching grants last week, including more than $1 million awarded to credit union members, to help lower-income residents become homeowners in California, Arizona and Nevada.
The grants, awarded through the FHLB's Individual Development and Empowerment Account and Workforce Initiative Subsidy for Homeownership (WISH) programs, will be administered through 48 of the bank's member institutions, including six credit unions: SAFE CU, Travis CU, Meriwest CU, Wescom CU, Arrowhead CU and Arizona FCU.
Each program provides up to $15,000, matching $3 for every dollar contributed by the homeowner, toward a downpayment or closing costs for a home purchase.
For the IDEA Program, homebuyers must be enrolled in a Family Self-Sufficiency program through a local public housing authority or be enrolled in an Individual Development Account Program. Under WISH, homebuyers must participate in eligible mortgage assistance programs administered by a public or private entity.
According to the FHLB, Arizona FCU received $224,721 for IDEA and $58,592 for WISH; Meriwest CU got $44,944 for IDEA and $273,758 for WISH; Arrowhead CU received $60,000 for WISH; Wescom CU got $251,605 for WISH; SAFE CU received $67,416 for WISH; and Travis CU was awarded $89,888 for IDEA.
