Desert Schools Nets $1 Million Grant for Homeless Shelter

PHOENIX, Ariz. – Desert Schools Federal Credit Union announced that it has received a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to finance construction of a 157-unit residential development for low-income families in Phoenix.

Proceeds will directly benefit UMOM New Day Centers (www.umom.org), a local non-profit agency providing homeless and low-income families with food, shelter and tools to build self-sufficiency. Founded in 1964, UMOM New Day Centers grew to be the largest homeless shelter for the past 17 years for families in Arizona.

“Receiving this grant is a wonderful opportunity for UMOM and Desert Schools Federal Credit Union to make a difference in our community by expanding services to our homeless families,” said Darlene Newsome, UMOM CEO.

“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 Federal Credit Union is taking advantage of its Bank membership and leveraging AHP funds to extend its reach to serve families most in need.”

In the first round of its 2008 competition, FHLBank San Francisco awarded $37.3 million in AHP grants to help finance construction or renovation of housing units nationwide to benefit low-income residents.

John Wright, Desert Schools chief financial officer, said, “Our team 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.” Wright added it was a true collaboration in community involvement and the first time the credit union has partnered with a local non-profit in this capacity. The credit union will continue its work with UMOM to implement disbursement of funds over the next few months.

UMOM currently provides emergency and transitional housing services for 96 homeless families, with a wait list of 40-100 families. A capital development campaign includes the purchase and renovation of hotel facilities directly across the street from the current campus at 32nd Street and Van Buren to increase capacity from 96 to 157 families and childcare from 100 to 130 children and to provide a Family Resource Center with computer lab and teen area, a Wellness Center with an on-site medical clinic staffed by Phoenix Children’s Hospital, and expanded service-enriched programs.

About Desert Schools Federal Credit Union
Desert Schools is Arizona’s largest credit union with $3 billion in assets, more than 350,000 members and 64 locations. As a not-for-profit cooperative, Desert Schools has been serving members since 1939 with stellar service, innovative products, community outreach and education. To learn more visit www.desertschools.org.

About UMOM New Day Centers
Founded by the United Methodist Church as a grassroots outreach ministry in 1964, UMOM grew to be the largest homeless shelter for the past 17 years for families in Arizona. UMOM offers basic necessities plus education, recreation, health screenings and assessments, 24-hour security, hygiene items, cleaning supplies and resources for financial assistance, job training and placement, continuing education, counseling, medical services and legal assistance. To learn more, visit www.umom.org.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that facilitate member efforts to create affordable housing and promote economic development. To learn more, visit www.fhlbsf.com.