Travis Credit Union Receives Federal WISH and IDEA Grant Funds to Assist First-Time Homeowners
(04/19/2013) VACAVILLE, CA - Travis Credit Union announced it has been awarded 2013 grant funds from the Federal Home Loan Bank to be disbursed to low-and moderate-income homebuyers within its twelve county service area.
Eligible first-time homebuyers may apply for up to $15,000 in matching grant funds to be used for the down payment and closing costs involved with purchasing their home. Under the WISH Program, FHLB will provide matching grants through Travis Credit Union up to $3 for every dollar contributed by the homebuyer toward a home purchase. The program is designed to help working households in high-cost areas purchase homes.
Additionally, Travis Credit union works with the Federal Home Loan Bank (FHLB) of San Francisco to offer the Individual Development and Empowerment Account (IDEA) program to low and moderate-income households. FHLB sets aside a portion of its annual Affordable Housing Program contribution to provide matching grants through Travis Credit Union for down payment and closing cost assistance to eligible first-time homebuyers who have saved under Individual Development Account (IDA) or Family Self-Sufficiency (FSS) programs. This program provides up to $15,000 for each household, matching up to $3 for each $1 saved by the homebuyer.
"The recent recession has hit communities hard all across Northern and Central California, but its impact has been especially harsh for those who were already struggling to make ends meet," said Patsy Van Ouwerkerk, president and CEO of Travis Credit Union. "These grants are designed to provide low and moderate-income individuals and families the chance of realizing their dream of homeownership. Even in this challenging economic climate, with these grants, I believe we can help these families achieve their financial goals."
Travis Credit Union is one of only five credit unions in California to receive grant funds for the WISH and IDEA programs this year.
Contact: Real Estate Department
Travis Credit Union
Headquartered in Vacaville, California, Travis Credit Union is a not-for-profit cooperative financial institution serving those who live or work in Alameda, Colusa, Contra Costa, Merced Napa, Placer, Sacramento, San Joaquin, Solano, Sonoma, Stanislaus, and Yolo Counties. Currently, Travis Credit Union is the 11th largest credit union in California with more than 178,000 members and more than $2.2 billion in assets. As one of the leading financial institutions in Solano, Contra Costa, Yolo and Merced Counties, Travis Credit Union’s strength lies in its faithful commitment to its members and the community; its solid, secure history; and its long-standing track record of dedicated service.