Air Academy Has First Participant In Land Trust Program

Air Academy FCU has its first participant in its lending partnership with the Rocky Mountain Community Land Trust, a non-profit organization designed to provide affordable housing for low- and moderate-income families in the community.

Karin Kovalovsky, spokeswoman for AAFCU, said the lending partnership launched June 6. She said neither the credit union nor the Land Trust are marketing the program, in which the Land Trust provides 20% of a mortgage loan in the form of a grant to qualified individuals and families. Partnered lenders, including AAFCU, provide the remaining 80% in the form of a loan.

"Our goal is to give money to low-income families," said Kovalovsky. "We anticipate the program will distribute about $1-million per year, or 10 to 12 loans."

Not many people will qualify for the program due to its annual income restrictions-$30,000 or less for individuals; $34,300 or less for a family of two-Kovalovsky added.

The Rocky Mountain Community Land Trust has ownership of several properties in the El Paso County area, she explained. Potential participants first would apply to the Land Trust for a grant, then to a lender for a loan.

"Only four lenders in El Paso County are partnered with the Land Trust, and AAFCU is the only credit union," Kovalovsky said.

AAFCU serves eight school districts in three counties in the Colorado Springs area.