FHLB approves $180K in Loan Program Grant Funds to CU
SAN JOSE, CA – April 20, 2016 - 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; $150k 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’ downapyments 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 two and a half million dollars 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. “It is a win for everyone whenever a low to moderate income family is able to purchase a home and put down roots in the community. For these families, owning a home is no longer a dream but a reality.”
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 68,500 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, since 1961. More information can be found at www.meriwest.com.