Affordable Housing Grants SpurCUs

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CHICAGO - (01/28/05) -- Credit unions received more than $1million in affordable housing grants under the new round of fundingannounced by the Federal Home Loan Bank of Chicago Thursday. Thefunding will help Royal CU, Eau Claire, Wis., renovate Ruth's Houseand Rehab Center, transitional housing for the homeless, for HopeGospel Mission in Eau Claire; and will allow First American CU,Beloit, Wis., to join four local banks in a project rehabilitatinga housing project and financing subsidized home improvement loansfor low- and moderate-income people, and a separate projectdeveloping a homeowners assistance program to help providedownpayments and closing assistance. The Chicago bank announced$15.7 million in grants for 52 affordable housing projects inIllinois and Wisconsin.

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