New York Sen. Hillary Clinton celebrated last week with representatives of her state's CUs the surpassing of a $100 million affordable housing goal. The New York CU Loan Fund for Underserved Neighborhoods, created during NCUA's PALs Conference a year ago in Rochester, N.Y., has lent $102 million in low- and moderate-income mortgages, and is on its way to making $150 million in affordable mortgages, according to Summit FCU CEO Michael Vadala, , who developed the project.
"We've had credit unions from all over the state: Long Island, New York City, upstate, everywhere," Vadala told The Credit Union Journal, of the largest affordable housing fund ever created by credit unions. Sen. Clinton, who helped spur the fund during her visit to last year's PALs Conference, will recognize the credit unions during a ceremony Tuesday afternoon. Participants have included Bethpage FCU, SEFCU, Xerox FCU, First Source FCU, Visions FCU, Sunmark FCU and AmeriCU CU.
During a brief celebration in Sen. Clinton's Capital Hill office, Clinton told the credit union reps she hopes to get their help with the needs of agricultural borrowers in upstate New York, many of whom are being shunned by banks.
