SAN JOSE, CA (January 2, 2014) -- Meriwest Credit Union has sponsored a $25,000 FHLB Affordable Housing Grant for the Atta Family to complete financing on their home that was recently built by 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.
The 1,100 square foot three bedroom two bath home was constructed entirely through volunteer labor. The undeveloped lot was previously owned by Neighborhood Housing Services of Silicon Valley and sold with a deep discount to Habitat for Humanity East Bay/Silicon Valley. Over 400 volunteers contributed 6,000 hours of volunteer labor in all areas of the home such as framing, foundation, roofing, plumbing, and electrical. The Atta Family put in 500 hours of “Sweat Equity.” “Sweat Equity” is required of all Habitat for Humanity homeowners. The “Sweat Equity” and volunteer hours put into these Habitat homes play a major role in keeping them affordable.
The Atta Family was selected in May as the Habitat partner family and future homeowners for the single home at Humboldt & Vine. Adel Atta is a professor at San Jose State University. He and his wife Dina have a young daughter, Lara. Adel and Dina have struggled to find affordable rent in Santa Clara County and knew they needed something more permanent and safe for Lara.
“When it comes to developing character strength, inner security and unique personal and interpersonal talents and skills in our child, no institution can or ever will compare with, or effectively substitute for, this home’s potential for positive influence.” said Adel Atta. “The chief benefit of this house, it shelters day-dreaming, the house protects my family as dreamers, the house allows my family to dream in peace. We are grateful for the home we have, knowing that at this moment, all we have is all we need.”
“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 happy for the Atta family and proud of the partnership we have built with Habitat for Humanity East Bay/Silicon Valley.”
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.