ST. PAUL, Minn.–Affinity Plus FCU is reporting it has now surpassed $175,000 in special downpayment grants to assist members in purchasing homes.
Affinity Plus has made 35 $5,000 homebuyer grants to date in 2017 as part of the Federal Home Loan Bank’s Homeownership Fund, according to Nicole Haverly, Affinity Plus Investor Relations senior manager.
FHLB financial institutions, including Affinity Plus, apply for the grant money by identifying members who qualify for down-payment and closing-cost assistance. The selection is based on income guidelines and – just as importantly, Haverly said – input and recommendations from community branch leaders.
“Affinity Plus is all about relationships with members, and these grants are a great example of what can happen when we know our members, understand their goals and dreams, and then tap into resources out there for them,” Haverly said.
While members don’t directly apply for the grants, Haverly said the credit union still encourages current and potential members to stop by any Affinity Plus branch or call the credit union to learn more about the FHLB Homeownership Fund program.
The $175,000 mark represents a more than three-fold increase in the number of grants the credit union has awarded since it began participating in the program in 2015.
Affinity Plus said it has new grant applications underway, and anticipates it will reach $200,000 in grants to members by year’s end.