CU helps Habitat for Humanity dedicate ten new homes
Meriwest Credit Union provides $160,000 financing with FHLBank San Francisco
SAN JOSE, CA (June 9, 2014) — Through the Federal Home Loan Bank of San Francisco’s Affordable Housing Program, Meriwest Credit Union sponsored a $160,000 grant to help finance the ten new townhomes recently dedicated by Habitat for Humanity East Bay/Silicon Valley. The townhomes, located in the Pleasant Creek development of Walnut Creek, were developed to house working families earning below 80% of the median income of the region.
Each participating family must share in the construction of their home with 500 hours of work on the property. Habitat for Humanity will source a low-cost first mortgage for each of the recipient families. Other financing entities include the Self-help Ownership Opportunity Fund, the City of Walnut Creek, the County of Contra Costa, and the State of California’s Department of Housing and Community Development who provided funds for the homes along with the Affordable Housing Program (AHP) grant. AHP grants are sponsored by members of the Federal Home Loan Bank of San Francisco, of which Meriwest Credit Union is a member. To date, Meriwest Credit Union has sponsored over twenty Habitat homes with FHLBank San Francisco.
“We are very thankful for the diverse community support that came together to fund this 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. Each funder plays an important role in creating affordable housing for families in our community and we are thankful to the Federal Home Loan Bank of San Francisco and Meriwest for their support in of Habitat’s mission.”
“Through our membership with the Federal Home Loan Bank 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 happy for all the families who now own a townhome in Walnut Creek and proud of the partnership we have built with Habitat for Humanity East Bay/Silicon Valley.”
“The Federal Home Loan Bank of San Francisco has had a long standing commitment to provide resources that help build strong, stable, and sustainable communities.” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “In working with members financial institutions like Meriwest Credit Union and our mutual community partner, Habitat for Humanity East Bay/Silicon Valley, the AHP has again been leveraged to create affordable homeownership opportunities that bring families into the financial mainstream.”
Photo Caption: Presenters at the Polanco Family Home in the Pleasant Creek Development included Kara Douglas, the Affordable Housing Manager for Contra Costa County, John Lee, Master Builder for Habitat for Humanity East Bay/Silicon Valley, Mrs. Rocio Polanco and, her daughter, Michaela Polanco, Doug Stimson of Habitat for Humanity, and Mark Antonioli of Meriwest Credit Union.— in Walnut Creek, CA.
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.
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
We help 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.