YOLO COUNTY NEWS

Business

Credit union gets grants to help first-time home buyers

By From page A6 | April 13, 2014

Travis Credit Union has been awarded 2014 grant funds from the Federal Home Loan Bank to be disbursed to low- and moderate-income homebuyers within its 12-county service area, including Yolo County.

Eligible first-time home buyers 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 home buyer 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 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 the credit union for down payment and closing cost assistance to eligible first-time homebuyers who have saved under Individual Development Account or Family Self-Sufficiency programs.

This program provides up to $15,000 for each household, matching up to $3 for each $1 saved by the home buyer.

 

Travis Credit Union is one of only two credit unions in California to receive grant funds for the WISH and IDEA programs this year. It has a Davis branch at 1380 E. Covell Blvd.

Enterprise staff

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