Housing Grant for Low Income First-Time Home-buyers
Meriwest Credit Union announced today that they have sponsored a successful Federal Home Loan Bank of San Francisco Affordable Housing Program grant application on behalf of the Habitat for Humanity East Bay/Silicon Valley. The Federal Home Loan Bank of San Francisco uses their profits to support affordable housing projects. Member institutions, such as Meriwest Credit Union, can sponsor Affordable Housing Program applications from community development organizations with residential projects in need of financing.
Habitat for Humanity East Bay/Silicon Valley’s 30-home Central Commons development, located in Fremont, CA, will include efficiently designed two-, three- and four-bedroom condominiums. Developed in partnership with the City of Fremont, the project features a large community area for families and play area for children, private decks and balconies, storage units, and garage parking. The homes will incorporate many green building features aimed at resource conservation, indoor air quality, and energy and water efficiency. Habitat for Humanity will arrange below market-rate first mortgage loans to ensure affordability for the buyers, who must contribute 500 hours of sweat equity to the projects, and attend extensive training and education leading up to the purchase.
“Meriwest is pleased to sponsor and help facilitate this grant for the AHP on behalf of Habitat for Humanity. As a Credit Union, we believe that it’s within our core principals to give back to the communities we serve,” said Tony Cortez, SVP and Chief Experience Officer. “In this case, 30 families will now realize the opportunity of home ownership, something that is extremely challenging for many in this market place. Meriwest is happy to support the organization as well as the families.”
“This 30-home development would not be possible without the incredible community support that came together to help fund it,” said Janice Jensen, President & CEO of Habitat for Humanity East Bay/Silicon Valley. “The Federal Home Loan Bank of San Francisco and the support of their member institutions, such as Meriwest Credit Union, have filled a needed gap in our financing through the Affordable Housing Program funding. We appreciate the continued support of these partners and sharing our vision for a world where everyone has a decent place to live.”
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and most established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 77,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, since 1961. More information can be found at www.meriwest.com.
About Habitat for Humanity East Bay/Silicon Valley
As an independent affiliate of Habitat for Humanity International, Habitat EBSV believes in a world where everyone has a decent place to live. Habitat EBSV creates opportunities for families to transform their lives, gaining the strength, stability, and self-reliance they need to build a better future. Working together as a community, Habitat EBSV builds homes with affordable mortgages, repair and rehabilitate existing homes, counsel first-time homebuyers, and revitalize neighborhoods in Alameda, Contra Costa, and Santa Clara counties. For more information, please visit HabitatEBSV.org or call 866.450.4432.
About the Federal Home Loan Bank of San Francisco
FHLB San Francisco helps local community lenders meet the diverse credit needs of families, businesses, and communities by providing them with prompt, reliable access to low-cost funding, financial risk management tools, and targeted affordable housing and economic development grant and loan programs.