TUCSON, Ariz.–Vantage West Credit Union said it has been awarded $100,000 under the matching grant program from FHLBank San Francisco, dedicated to advancing Black homeownership initiatives.
The credit union said the grant will be directed to Family Housing Resources (FHR), a local organization committed to providing HUD-approved counseling for pre- and post-purchase homeownership to aspiring and at-risk homeowners in communities of color in Pima County.
“The Empowering Black Homeownership matching grant program, facilitated by FHLBank San Francisco, is designed to address historical and systemic barriers that have disproportionately hindered generations of Black households from attaining homeownership,” Vantage West said.
It added the program leverages financial institution donations to deliver grants, enhancing the operational capacity of organizations like FHR.
“Homeownership is often cited as a key to generational wealth building,” said Jon Bruflat, VP of community impact. “We know that historically, communities of color have been excluded from this opportunity. When we saw this opportunity to donate and obtain matched funding for a local community partner addressing this issue, we wanted to be a part of that equation.
“In providing a $50,000 grant and FHLBank San Francisco matching it, we doubled the impact on operational capacity for Family Housing Resources,” Bruflat added. “For Vantage West, this is a step in making a tangible difference in the community.”
In addition to their financial education courses and pre-purchase counseling, FHR will host a Homeownership workshop series in March and April, that will aim to provide comprehensive support to potential homebuyers and facilitate access to critical down payment assistance funds.
According to Danielle Bridges, SVP-mortgage lending & capital markets at Vantage West, the credit union’s menu of unique products and services benefits diverse borrowers, and has the potential to further magnify the impact of the grant money.
Bridges added Vantage West offers low down payment mortgages, down payment assistance programs, solutions for credit-challenged borrowers, and 40-year mortgages to facilitate the homebuying process.
‘Significant Step’
According to Vantage West, the grant collaboration between Vantage West and FHLBank San Fransisco represents a significant step towards breaking down barriers and creating opportunities for communities of color in Pima County, Ariz.
“Pre- and post-homeownership counseling can be the key to sustainable homeownership, and we are thrilled that our member, Vantage West Credit Union, is using our Empowering Black Homeownership program to support Family Housing Resources in Pima County,” said Eric Cicourel, senior vice president and community investment officer at FHLBank San Francisco. “Our match of the generous donation by Vantage West will magnify their impact and enable the agencies to serve more aspiring and at-risk homeowners in communities where they do business.”