SAN FRANCISCO (4/4/13)--The Federal Home Loan Bank (FHLB) of San Francisco has awarded six credit unions $920,000 in first-time homebuyer grants.
Workforce Initiative Subsidy for Homeownership (WISH) and Idea Development and Empowerment Account (IDEA) match $3 for every $1 contributed by the homebuyer, up to a maximum grant of $15,000, and are made available through participating FHLB members to households earning up to 80% of area median income.
The funds can be used for down payment and closing costs, which can be significant barriers to homeownership. Both programs require participants to complete a homebuyer counseling program.
The funds were part of $10 million in grants allocated by FHLB of San Francisco to 27 of its member financial institutions.
Credit unions receiving WISH grants include:
Credit unions receiving IDEA grants include:
WISH grants are targeted to working families and individuals transitioning from renting to owning. The program can complement or supplement local, state, and federal homeownership programs.
The IDEA program is directed at homebuyers who saved for the purchase of a first home through an individual development account, or participate in their local housing authority's Family Self-Sufficiency homeownership program, or participate in a lease-to-own program administered by a nonprofit or government entity.