Meriwest Credit Union Sponsors Financing for Cupertino Development
July 12, 2013 - SAN JOSE, CA - It started as an empty lot of dust and shrubs near Hwy 85 in Cupertino. Today, four Habitat for Humanity built homes have been completed and, on the first of the July, the new homeowners finally moved in. Meriwest Credit Union played a role in this development as a member of the Federal Home Loan Bank, Meriwest sponsored an Affordable Housing Grant for Habitat for Humanity East Bay & Silicon Valley. Meriwest Credit Union helped secure $140,000 in grant funding for the new homeowners. The $140,000 FHLB grant funds are divided between the four Habitat homeowners, $35,000 for each homeowner, allowing each homeowner to utilize the funds as down payment assistance for their new home purchase.
Habitat for Humanity of the East Bay & Silicon Valley originally acquired the small property on Cleo Avenue from the City of Cupertino. The setting, next to a freeway sound wall, was a challenge for architects who eventually created four well designed 1,000 square foot personal residences there. Construction was completed by Habitat for Humanity volunteers and the friends and families of the selected residents. The families selected for their homes are required to contribute a minimum of 500 hours of work on the homes, otherwise known as “Sweat Equity.”
“These four homes would not have been possible without the support of our community partners like Meriwest Credit Union who sponsored our request for a $140,000 grant from the Federal Home Loan Bank’s Affordable Housing Grant program,” said Janice Jensen, President & CEO of Habitat for Humanity East Bay/Silicon Valley. “Additional support was provided by the City of Cupertino, Cisco Systems, Thrivent Financial for Lutherans, PG&E, and the local faith community.”
“It is often said that home is where our feet may leave, but never our hearts. In Cupertino, four Habitat for Humanity families are experiencing their first true homecoming.” said Christopher Owen, CEO and President of Meriwest Credit Union. “Credit unions and Habitat for Humanity have one main principle in common, we both believe in people helping people. We at Meriwest are proud of our role in helping Habitat for Humanity secure downpayment financing for the families of the Cleo Avenue development.”
Cleo Avenue Homes in Cupertino built by Habitat for Humanity – Spring 2013
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, since 1961. More information can be found at www.meriwest.com.
Meriwest Credit Union
Community Relations Manager
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