Downey Savings Grants Will Finance Affordable Housing
Downey Savings & Loan Assn. said Monday that it has received three grants totaling about $100,000 to finance construction of affordable housing in Orange County.
The thrift, which is based in Newport Beach, said it received the affordable housing grants from the Federal Home Loan Bank of San Francisco. The money will be used to help low-income families in Brea and Huntington Beach.
“It’s a great program and we’re very glad to be involved,” Downey Savings President Stephen W. Prough said.
The largest of the grants will go to projects in conjunction with Habitat for Humanity.
It will provide $50,000 for a project called Brea II that will allow five families to buy homes in that city. Another $10,000 will go to the Brea III project, which will be used to build a home using alternative, energy-conserving materials.
The third grant will provide $40,000 to the Orange County Community Housing Corp. to rehabilitate a 10-unit apartment building on Koledo Lane in Huntington Beach.
Downey, which has 52 offices around the state, said the grants are provided to help families who earn only about half as much as the average income in the community where they live. Federal housing officials estimate that average household income in Orange County this year is $59,100.
The grants received by Downey are part of $8.9 million that the the FHLB is doling out for projects in California, Arizona, Nevada and Hawaii.
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