Affordable Housing Fund Meets CUs'Goals

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WASHINGTON - (09/20/05) -- New York Sen. Hillary Clinton willcelebrate Tuesday with representatives of her state's creditunion's the surpassing of a $100 million affordable housing goal.The New York CU Loan Fund for Underserved Neighborhoods, createdduring NCUA's PALs Conference a year ago in Rochester, N.Y., haslent $102 million in low- and moderate-income mortgages, and is onits way to making $150 million in affordable mortgages, accordingto Michael Vadala, president of The Summit FCU, who developed theproject. "We've had credit unions from all over the state: LongIsland, New York City, upstate, everywhere," Vadala told The CreditUnion Journal, of the largest affordable housing fund ever createdby credit unions. Sen. Clinton, who helped spur the fund during hervisit to last year's PALs Conference, will recognize the creditunions during a ceremony Tuesday afternoon. As many as 30 creditunions participated in the project, including Bethpage FCU, SEFCU,Bethpage FCU, Xerox FCU, First Source FCU, Visions FCU, Sunmark FCUand AmeriCU CU.

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