Provides $35,000 Housing Grant for Low Income First-Time Homebuyers
SAN JOSE, CA – August 31, 2016 – 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 project will involve the development of two homes located in Contra Costa County, providing homeownership opportunities to very low and low-income families. The homes will incorporate many green building features which will address water efficiency, resource conservation, and indoor air quality. In addition, these homes will help transform a stalled development project into a mixed-income community that will be an asset to the surrounding area. Buyers will contribute at least 250 hours of volunteer labor and will receive extensive training and support during the home purchase process that includes construction training, financial management training, leadership training, first-time homebuyer workshops, and home maintenance training.
“Through our membership with the FHLB of San Francisco, we are able to sponsor requests from housing development agencies like Habitat for Humanity that expand the number of affordable homes in our community and make it possible for local working families to become homeowners,” said Julie Kirsch, Meriwest Credit Union President and CEO. “Homeownership changes lives. A home not only creates an avenue to build equity, it also builds memories that last a lifetime and gives families a great feeling of permanence and safety. We are proud of the partnership we have built with Habitat for Humanity East Bay/Silicon Valley.”
“We are incredibly thankful for the community support that came together to fund this affordable housing development,” 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. It takes a community coming together to build a Habitat community and we are thankful to the Federal Home Loan Bank and Meriwest for investing in Habitat’s mission and helping us create more affordable homeownership opportunities.”
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 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.
About Habitat for Humanity East Bay/Silicon Valley
Habitat for Humanity East Bay/Silicon Valley brings people together to build homes, communities and hope. We revitalize neighborhoods, build affordable and sustainable housing solutions, and empower families through successful homeownership. Since 1986, we have partnered with volunteers, the community, and qualified families with limited incomes to strengthen communities in Alameda, Contra Costa, and Santa Clara Counties.
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.