The Federal Home Loan Bank of San Francisco has awarded a $200,000 grant to Yolo Federal Credit Union, Woodland, Calif. — money the CU can use to help low income borrowers make a downpayment and fund closing costs.
Under the FHLB’s Work Initiative Subsidy for Homeownership, eligible homebuyers can apply for up to $15,000 in matching grant funds to be used for the downpayment and closing costs involved with purchasing a home. Yolo FCU will match up to $3 for every dollar contributed by the homebuyer toward a home purchase.
The $190 million credit union, which has received WISH funds the last few years, has worked closely with the Cities of Woodland, Davis and West Sacramento, along with Mercy Housing and Neighborworks America to identify and assist eligible families for the grant monies.
