Eileen Phelps, Sr. vice president and chief services officer of Credit Union of America (CUA), announced this week that CUA has been approved and is ready to offer grants to first-time homebuyers through the Federal Home Loan Bank’s Homeownership Set-aside Program. If ownership of the home is kept for at least five years the homeowner then has no responsibility to pay the funds back to the program. Not all financial institutions are approved for this program.