SAN FRANCISCO, July 19, 2017 /PRNewswire/ -- Union Bank
today announced it has received $1.1
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 million in Workforce Initiative
Subsidy for Homeownership (WISH) Program funds and $100,000 in Individual Development and
Empowerment Account (IDEA) Program funds. This is the seventh year
that the bank has received WISH and IDEA program funds.
"We are pleased that the FHLB of San
Francisco has for the seventh consecutive year entrusted us
with both WISH and IDEA program funding," said Julius Robinson, Head of Corporate Social
Responsibility. "Home ownership is critical to building
economically strong communities and we look forward to working with
our community partners to assist more qualified recipients 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. The
funds will be available for home buyers with loans in escrow
between April 1, 2017 and
July 31, 2018.
Last year, the bank provided 67 WISH matching grants for a total
of $986,825.
For more information about the WISH and IDEA programs, please
send your inquiry to CSRgroup@unionbank.com.
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
$116.1 billion, as of March 31, 2017, 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
¥303.3 trillion (JPY) or $2.7
trillion (USD)¹, as of March 31,
2017. The corporate headquarters (principal executive
office) for MUFG Americas Holdings Corporation, which is the
financial holding company that holds MUFG Union Bank, N.A., is in
New York City. The main banking
office of MUFG Union Bank, N.A. is in San
Francisco, California.
1 Exchange rate of 1
USD=¥112.19 (JPY) as of March 31,
2017
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SOURCE MUFG Union Bank, N.A.