Union Bank has received $1.1 million in program funds from The Federal Home Loan Bank (FHLB) of San Francisco to provide matching grants to low- and moderate-income, first-time homebuyers. The bank received $1 million in Workforce Initiative Subsidy for Homeownership (WISH) Program funds and $100,000 in Individual Development and Empowerment Account (IDEA) Program funds. This is the seventh year that the bank has received WISH and IDEA program funds.
“We are pleased that the FHLB of San Francisco has for the seventh consecutive year entrusted us with both WISH and IDEA program funding,” said Julius Robinson, Head of Corporate Social Responsibility. “Home ownership is critical to building economically strong communities and we look forward to working with our community partners to assist more qualified recipients achieve the dream of home ownership.”
The WISH and IDEA first-time homebuyer programs offer eligible low- and moderate-income households 3-to-1 matching grants of up to $15,000 for the purchase of a home. The funds can be applied to the home buyer’s down payment or closing costs. WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning. The WISH funds can complement or supplement a number of local, state, and federal homeownership programs and initiatives. IDEA grants are targeted to homebuyers who have been saving for the purchase of their first home through an Individual Development Account (IDA) or participating in their local housing authority’s Family Self-Sufficiency (FSS) homeownership program or in a lease-to-own program administered by a government entity or nonprofit organization.
Union Bank will provide this year’s matching grants to qualified homebuyers in California. The funds will be available for home buyers with loans in escrow between April 1, 2017 and July 31, 2018.
Last year, the bank provided 67 WISH matching grants for a total of $986,825.
For more information about the WISH and IDEA programs, please send your inquiry to CSRgroup@unionbank.com.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.