Altura Credit Union has secured a $40,000 down payment assistance grant for Joshua Reeves, a first-time homebuyer and Altura member, the credit union announced Oct. 21.
The grant came through the Federal Home Loan Bank of San Francisco's Middle-Income Downpayment Assistance (MDPA) Program. The program was created to support middle-income households squeezed by rising home prices and interest rates, including many essential workers who earn too much to qualify for traditional assistance but still struggle to save enough for a down payment.
The MDPA Program provides matching grants of up to $40,000 to help eligible middle-income, first-time homebuyers cover down payment and closing costs. Grants are available only through Federal Home Loan Bank of San Francisco member institutions, including Altura, which apply on behalf of qualifying homebuyers.
Funding is limited and awarded on a first-come, first-served basis. Altura described the program as one of the most competitive sources of homebuyer assistance in the region.
"We knew the window would close quickly, so our Real Estate team prepared in advance by identifying mortgage applicants who were strong candidates for the program," Greg Ochoa, capital markets coordinator at Altura, who facilitated the application, said in a statement.
"Josh met every requirement: he qualified based on household income, was buying his first home, and had saved his own downpayment funds for the grant to match," Ochoa said.
Karina Cocoletzi, Altura's vice president of real estate, said the team prepared well in advance.
"Programs like this move fast, and the members who benefit are the ones whose lender is ready the moment the door opens," Cocoletzi said in a statement. "Our team was eager to secure these funds and prepared well in advance and knew what we needed to get there. Securing this grant for Josh shows what's possible when we keep our members' goals at the center of everything we do."
For buyers like Reeves, Altura said, a $40,000 grant can significantly reduce the upfront cost of purchasing a home.
"Buying your first home comes with a lot of costs nobody warns you about," Reeves said in a statement. "This grant meant I could put part of what I'd saved for my down payment toward everything else that comes with being a new homeowner. I'm grateful Altura was looking out for me and ready to act."
Altura was recently certified as a Community Development Financial Institution (CDFI). Since then, the credit union said, it has continued to pursue new funding opportunities that help members achieve long-term financial stability, including resources for first-time homebuyers. Altura said the grant builds on its broader commitment to expanding access to homeownership across Riverside County.
According to Altura, additional grant funding remains available through the MDPA Program. Residents who may qualify for the grant, or who are interested in buying their first home, can contact Altura's Real Estate Department to learn about mortgage options and downpayment assistance opportunities.
Founded in 1957, Altura is a member-owned financial cooperative serving Riverside County, with more than 220,000 members across 23 branches. As a CDFI, Altura says it is committed to expanding access to fair, affordable financial services for underserved individuals and communities in the region. In addition to loans, deposit accounts and personalized financial guidance, the credit union offers financial education and other initiatives aimed at expanding economic opportunity for its members, employees and neighbors.
Membership is open to anyone who lives, works, worships or attends school in Riverside County, as well as U.S. military, government and civilian personnel at March Air Reserve Base and retirees of the U.S. Armed Forces.
For more information, visit AlturaCU.com or call 1-888-883-7228.
