Union Bank Granted Federal Home Loan Bank of San Francisco Program Funds to Assist Qualified First-time Home Buyers
May 02 2016 - 11:00AM
Business Wire
Union Bank today announced that it has received $1.75 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 home buyers. The bank received $1.5 million in Workforce
Initiative Subsidy for Homeownership (WISH) Program funds and
$250,000 in Individual Development and Empowerment Account (IDEA)
Program funds. This is the sixth year that the bank has received
WISH and IDEA program funds.
“We are honored that the FHLB of San Francisco has entrusted us
again this year with both WISH and IDEA program funds,” said Julius
Robinson, head of Corporate Social Responsibility for the Americas
at Union Bank. “Like the FHLB, we believe that home ownership is
critical to building strong, vibrant communities and we look
forward to putting these funds to work to help even more buyers
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, and for the first time, Oregon and
Washington. The funds will be available for home buyers with loans
in escrow between April 1, 2016 and July 31, 2017.
Last year, the bank provided 45 WISH matching grants for a total
of $650,000.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices
across the United States. We provide a wide spectrum of corporate,
commercial and retail banking and wealth management solutions to
meet the needs of customers. We also offer an extensive portfolio
of value-added solutions for customers, including investment
banking, personal and corporate trust, global custody, transaction
banking, capital markets, and other services. With assets of $120.0
billion, as of March 31, 2016, MUFG Union Bank has strong capital
reserves, credit ratings and capital ratios relative to peer banks.
MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial
Group (NYSE: MTU), one of the world’s largest financial
organizations with total assets of approximately ¥295.8 trillion
(JPY) or $2.5 trillion (USD)¹, as of December 31, 2015. The
corporate headquarters (principal executive office) for MUFG
Americas Holdings Corporation, which is the financial holding
company and MUFG Union Bank, is in New York City. The main banking
office of MUFG Union Bank is in San Francisco, California.
1 Exchange rate of 1 USD=¥120.6 (JPY) as of December 30,
2015
©2016 MUFG Union Bank, N.A. All rights reserved. Member
FDIC.Union Bank is a registered trademark and brand name of MUFG
Union Bank, N.A.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160502005218/en/
MUFG Union Bank, N.A.Jane Yedinak,
415-773-2497jane.yedinak@unionbank.com@UnionBankNews
Mitsubishi UFJ Financial (NYSE:MUFG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mitsubishi UFJ Financial (NYSE:MUFG)
Historical Stock Chart
From Apr 2023 to Apr 2024