The $1 billion Meriwest Credit Union sponsored a $25,000 FHLB Affordable Housing Grant for a Silicon Valley family to complete financing on their home, which was recently built by Habitat for Humanity East Bay Silicon Valley.
FHLB member institutions, such as the San Jose-based Meriwest, can sponsor Affordable Housing Program applications from community development organizations with residential projects in need of financing.
The 1,100 square foot, three bedroom, two bath home was constructed entirely through volunteer labor. The undeveloped lot was previously owned by Neighborhood Housing Services of Silicon Valley and sold with a deep discount to Habitat for Humanity East Bay/Silicon Valley.
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Adel Atta is a professor at San Jose State University. He and his wife Dina have a young daughter, Lara. Adel and Dina have struggled to find affordable rent in Santa Clara County and knew they needed something more permanent and safe for Lara.
"The chief benefit of this house, it shelters day-dreaming, the house protects my family as dreamers, the house allows my family to dream in peace. We are grateful for the home we have, knowing that at this moment, all we have is all we need," he said.
More than 400 volunteers contributed 6,000 hours of volunteer labor in all areas of the home such as framing, foundation, roofing, plumbing, and electrical. The Atta Family, recipients of the home, put in 500 hours of Sweat Equity. Sweat Equity is required of all Habitat for Humanity homeowners, and along with volunteer hours put into the homes, plays a major role in keeping them affordable.
"Through our membership with the FHLB of San Francisco, we are able to sponsor requests from housing development agencies like Habitat for Humanity that expand the number of affordable homes in our community and make it possible for local working families to become homeowners." Julie Kirsch, Meriwest president/CEO said. "Homeownership changes lives. A home not only creates an avenue to build equity, it also builds memories that last a lifetime and gives families a great feeling of permanence and safety. We are happy for the Atta family and proud of the partnership we have built with Habitat for Humanity East Bay/Silicon Valley."
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