The 87,000 member, $1 billion Meriwest Federal Credit Union, based in San Jose, Calif., 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.
The credit union said it joined the FHLB San Francisco in order to take advantage of programs like the AHP.