PHOENIX (7/14/08)--Desert Schools FCU has received a $1 million Affordable Housing Program (AHP) grant to finance construction of a 157-unit residential development for low-income families in Phoenix. The grant is through the Affordable Housing Program and from the Federal Home Loan Bank of San Francisco. Proceeds will directly benefit UMOM New Day Centers, a local non-profit agency providing food, shelter and self-sufficiency tools to homeless and low-income families. "Credit unions are a valuable resource to their members and communities," said Jim Yacenda, vice president and community investment officer at FHLBank San Francisco. "We are delighted that Desert Schools FCU is taking advantage of its bank membership and leveraging AHP funds to extend its reach to serve families most in need." According to John Wright, Desert Schools chief financial officer, the credit union "worked side by side with UMOM every step of the way to help them understand the grant application process and better their chances for receiving the funds." The credit union will implement disbursement of funds over the next few months.