LOS ANGELES – Haven Services, Inc. and Neighborhood Partnership Housing Services, two nonprofits sponsored by Cathay Bank, have been awarded 2020 AHEAD grants from Federal Home Loan Bank San Francisco. They will each receive $37,500 for COVID-19-related activities.
“We are delighted that these two very deserving organizations will be receiving funds to help them address the unprecedented issues caused by the pandemic,” said Bruce Gumbiner, FVP, Director of Community Development at Cathay Bank. “This grant is unique. Nonprofits can’t apply for it themselves; they must be sponsored by a FHLBank San Francisco member financial institution.”
Haven Services is focused on financially empowering vulnerable communities in Los Angeles by providing no-cost financial education and direct services to end their financial and housing crisis. “As Haven Neighborhood Services navigates these uncertain times, we are deeply grateful to Cathay Bank for sponsoring our Access to Housing and Economic Assistance for Development (AHEAD) grant application,” said Erika Toriz-Kurkjian, Executive Director, Haven Neighborhood Services. “The grant will help improve our virtual/telecommuting capabilities and hiring capacity to meet the community’s overwhelming demand for our financial and housing crisis services. Thank you for helping us advance our mission in serving financial and housing stability in the community, especially during these challenging times.”
Neighborhood Partnership Housing Services (NPHS) is focused on building stronger communities through innovative homeownership opportunities — providing pre- and post-homebuyer education, down payment assistance and home repair programs. “The AHEAD grant is going to play a vital role in addressing the needs of homeowners throughout our local communities,” stated Clemente Mojica, NPHS CEO. “The COVID-19 pandemic has led to unprecedented levels of unemployment and NPHS is working alongside partners like Cathay Bank to help ensure that families remain in their homes.”
FHLBank San Francisco awarded a total of $3.5 million to 97 member-sponsored projects from 362 applications. The grants went to 52 pandemic relief projects ($1.9 million) and 45 economic development projects ($1.6 million).
“We are pleased to be able to partner with Cathay Bank to support two nonprofit organizations that each bring different areas of expertise to financial empowerment services,” said Marietta Núñez, Senior Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “Both Haven Services and Neighborhood Partnership Housing Services will be especially valuable resources for underserved communities in the aftermath of this pandemic, which is hitting lower-income families and individuals so severely.”
About Cathay Bank
Cathay Bank, a subsidiary of Cathay General Bancorp (Nasdaq: CATY), offers a wide range of financial services through nine states in the U.S. as well as a branch in Hong Kong and representative offices in Beijing, Shanghai, and Taipei. Founded in 1962 to support Los Angeles’ growing Chinese American community, in the past half century the bank has expanded and grown with its customers, providing them with the tools and services they need to achieve their goals. Learn more at cathaybank.com. FDIC insurance coverage is limited to deposit accounts at Cathay Bank’s U.S. domestic branch locations.
About FHLBank San Francisco
FHLBank San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada strengthen communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions promote homeownership, expand access to quality housing, and boost economic development. AHEAD grants are awarded annually and delivered through the Bank’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities.