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Two Valley institutions steer $3.5M to aid struggling first-time homebuyers

House money
Posted at 1:52 PM, May 30, 2019
and last updated 2019-05-30 17:12:54-04

Two Valley financial institutions, TruWest Credit Union and Western Alliance Bank, were recently awarded a total of $3.5 million to assist struggling first-time homebuyers with down payments and closing costs on their homes.

The program, known as WISH, which stands for Workforce Initiative Subsidy for Homeownership, is funded by the The Federal Home Loan Bank of San Francisco, or FHL Bank. FHL Bank allocates funds to financial institutions across the Southwest each year for the purpose of assisting low to moderate income homebuyers with the costs of securing permanent housing.

This year, TruWest and Western Alliance Bank received the most funding out of 39 institutions across Arizona, California and Nevada.

Out of $8.9 million in grants dispersed, Western Alliance Bank received $1.8 million and TruWest received $1.7 million in WISH grants.

For more on the program, read the full story from the Phoenix Business Journal.