Travis Credit Union has been awarded 2013 grant funds from the Federal Home Loan Bank to be disbursed to low- and moderate-income home buyers within its 12-county service area. The credit union has a Davis branch at 1380 E. Covell Blvd. in the Oak Tree Plaza shopping center.
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 offers 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 home buyers 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 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.