Yolo FCU Gets $200,000 Affordable Housing Funding From FHLB

Register now

WOODLAND, Calif. – The Federal Home Loan bank of San Francisco announced yesterday it awarded a $200,000 grant to Yolo FCU which the credit union can use to help low income people pay down payment and closing costs.

Under the FHLB’s Work Initiative Subsidy for Homeownership, eligible homebuyers may apply for up to $15,000 in matching grant funds to be used for the down payment and closing costs involved with purchasing their home. Yolo FCU will match up to $3 for every dollar contributed by the homebuyer toward a home purchase.

The $190 million credit union, which has received WISH funds the last few years, has worked closely with the Cities of Woodland, Davis and West Sacramento, along with Mercy Housing and Neighborworks America, to identify and assist eligible families for the grant monies.

 

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER