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 inits community from the Federal Home Loan Bank of San Francisco.

The project is in the community of Walnut Creek and is calledthe Pleasant Creek Homes. The real estate developer that willeventually receive the money is Habitat for Humanity for the EastBay, according to the bank.

According to the grant announcement, Meriwest is the only creditunion to win money from the bank's Affordable Housing Program inthe latest round of grants. All the other grantees were banks.

According to the FHLB San Francisco, there are roughly 103credit union that are members of the bank, including at least onecorporate credit union and at least two credit unions currentlyconserved and under NCUA management.

Greg Meyer, community relations manager with Meriwest said thecredit union had joined the FHLB San Francisco in order to takeadvantage of programs like the AHP. Meriwest also participates inthe Workforce Initiative Subsidy for Homeownership Program whichprovides money Meriwest can use to fund down payments on mortgagesfor lower income members and the Access to Housing and EconomicAssistance for Development Program which funds programs that helplead to home ownership.

“We have found being a member of the FHLB San Francisco has beena very cost effective way for us to expand our footprint in thecommunity and have a strong community impact,” Meyer said.