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Mendo Lake CU awarded 110000 FHLB housing grant
SAN FRANCISCO (2/24/11)--Mendo Lake CU, a $96 million asset credit union based in Ukiah, Calif., is the only credit union among 40 recipients of $36.6 million in Affordable Housing Program grants made in the second round of 2010 funding by the Federal Home Loan Bank of San Francisco. The funds will assist more than 60 projects that address the affordable housing needs of communities in eight states. Those projects will produce or preserve 3,123 housing units that are affordable to lower-income individuals and families. The total amount of awards under the program in 2010 is $69.1 million. Mendo Park will receive $110,000 for the TAY Wellness Housing Development, sponsored by Redwood Children's Services. The project will provide 12 rental units. The grants went to projects in Arizona, California, Colorado, Illinois, Michigan, Nevada, New Jersey, and Washington. The bank has set aside 10% of its annual income since 1990 to support the program and has awarded more than $660 million in subsidies for more than 99,000 units.


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