Meriwest CU Receives $345,000 Grant From FHLB
SAN JOSE, Calif. – Meriwest Credit Union said the Federal Home Loan Bank of San Francisco recently awarded it with $345,000 to be used to support homeownership among low- and moderate-income families.
The award came from the FHLB’s Workforce Initiative Subsidy for Homeownership program and will be used by Meriwest CU’s subsidiary, Meriwest Mortgage, to provide down payment assistance to first time homebuyers.
Meriwest also was awarded $45,000 as part of the Individual Development and Empowerment Account program. The credit union said it is a homeownership program similar to the WISH program with an educational and savings component for new homeowners.
Both WISH and IDEA are to be utilized by first time homebuyer families whose income is 80% or less of the Area Median Income as determined by HUD. The FHLB, through Meriwest CU and Meriwest Mortgage, will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home. Meriwest said it is one of three credit union members of the FHLB to be awarded dollars for both programs.