FHLB Approves $130K in Loan Program Grant Funds to CU
The Federal Home Loan Bank of San Francisco approved Meriwest Credit Union’s request for grant funds to be used to help local working families earning less than the median income access to home ownership. Meriwest Credit Union was approved for funds on two grant programs; $100k will be granted for the WISH (Workforce Initiative Subsidy for Homeownership) Program and $30k for the IDEA (Individual Development and Empowerment Account) Program. The granted funds are utilized as downpayment assistance for qualified working families in the communities Meriwest serves.
The WISH Program provides matching grants for downpayment and closing cost assistance to eligible first-time homebuyers. Families’ downpayments are matched at a rate of $3 for each $1 contributed by the buyer, up to $15,000. Similar in matching, the IDEA program provides financial training to working families and then provides a $3 to $1 matching grant (up to a maximum loan of $15,000) provided the family completes their financial training. As a participant in the WISH and IDEA Downpayment Assistance Programs since 2005, Meriwest has helped numerous Bay Area families access over $2.3million in downpayment assistance from the Federal Home Loan Bank of San Francisco.
“We are proud of our partnership with the FHLB of SF and the assistance we’ve provided to many deserving families,” said Anita Domondon, Vice President of Loan Administration for Meriwest Mortgage Company, LLC. “The Bay Area’s astronomical home prices have made it extremely challenging for low to moderate income families to purchase a home. The WISH and IDEA grants create more affordable housing opportunities for these families to live where they work.”
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 72,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 50 years. More information can be found at www.meriwest.com.
About Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. The Bank’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.