The 87,000 member, $1 billion Meriwest Federal Credit Union, based in San Jose, California, has won a grant of $160,000 to help finance affordable housing in its community from the Federal Home Loan Bank of San Francisco.
The project is in the community of Walnut Creek and is called the Pleasant Creek Homes. The real estate developer that will eventually receive the money is Habitat for Humanity for the East Bay, according to the bank.
According to the grant announcement, Meriwest is the only credit union to win money from the bank's Affordable Housing Program in the latest round of grants. All the other grantees were banks.
According to the FHLB San Francisco, there are roughly 103 credit union that are members of the bank, including at least one corporate credit union and at least two credit unions currently conserved and under NCUA management.
Greg Meyer, community relations manager with Meriwest said the credit union had joined the FHLB San Francisco in order to take advantage of programs like the AHP. Meriwest also participates in the Workforce Initiative Subsidy for Homeownership Program which provides money Meriwest can use to fund down payments on mortgages for lower income members and the Access to Housing and Economic Assistance for Development Program which funds programs that help lead to home ownership.
“We have found being a member of the FHLB San Francisco has been a very cost effective way for us to expand our footprint in the community and have a strong community impact,” Meyer said.