First-time Homebuyers: Federal Grant Assistance Opportunity Through University Credit Union (UCU)
Now Available: Workforce Initiative Subsidy for Homeownership (WISH) Program.
Quick Summary
- For every dollar you contribute towards your home purchase, UCU provides a 4-to-1 match, up to a maximum grant of $30,806.
- Grants can be applied to down payments and closing costs on single-family detached homes, condominiums, and townhomes; and can complement other local, state, and federal homeownership programs.
- Applicants must be first-time homebuyers, defined as individuals who have not owned a home in the past three years.
- Household income must be at or below 80% of the Area Median Income (AMI) for the property's location.
- Retention Period: Grants are structured as forgivable loans with a five-year retention period.
- Forgiveness Terms: The grant balance is forgiven over five years. If the property is sold to another affordable homeowner within this period, the remaining balance may be forgiven.
UCU, the official credit union of UC Davis, is offering WISH Grants to employees (academic and staff) who are first-time homebuyers.
Purchasing a home can be financially challenging for many households, so UC Davis has partnered with UCU to offer an enrollment opportunity in the WISH Program.
Funding for the WISH Program, backed by the Federal Home Loan Bank of San Francisco, is granted to financial institutions each year to assist first-time homebuyers with downpayment and closing costs, and can be used in conjunction with many local, state and federal homeownership programs and initiatives. As a UC Davis partner, UCU is holding its WISH funding exclusively for UC Davis affiliates (i.e., faculty, staff, students and alumni) until March 2025.
“We’re grateful that University Credit Union is offering the WISH Program funds to eligible UC Davis employees,” said Clare Shinnerl, Vice Chancellor for Finance, Operations and Administration. “Expanding access to financial opportunities is one of many benefits that UCU brings to the UC Davis community as part of our partnership.”
To be eligible for WISH Program funds, the homebuyer enrolling in the program must:
- Have successfully completed a homebuyer counseling program, including two homebuyer courses offered free of charge through UCU
- Be a first-time homebuyer – defined as individuals who have not owned a home in the past three years
- Have a household income that is at or below 80% of the Area Median Income (AMI) for the property’s location
- Contribute to the home purchase through savings, gift funds, or sweat equity (typically when a renter wishes to purchase a property they have been renting or when repairs are necessary to clear an appraisal requirement) to obtain the matching grant
- Open escrow on a home purchase transaction within one year of enrollment in the WISH Program
If you are interested in learning more about this program and beginning the enrollment process, visit UCU’s website.
This program is available because of a 10-year partnership between UC Davis and UCU, established in April 2021. Other benefits of the partnership include enhancing and renaming the campus arena, “University Credit Union,” funding for student initiatives and increased financial services for the campus community.
Disclaimer: Program terms and conditions are subject to change. Grant availability is limited and offered on a first-come, first-served basis. Applicants must meet all eligibility requirements to qualify. Enrollment in the WISH Program does not guarantee the homebuyer receipt of WISH fund.