CUs Line Up For Affordable HousingProgram

October 31, 2005, 1:00 a.m. EST 1 Min Read

WASHINGTON - (10/31/05) -- Four major Denver-area credit unionsannounced Friday they are joining CUNA's affordable housingprogram, aimed at funding as much as $1 billion of home loans forlow- and moderate-income people. The Denver credit unions are: EntFCU, Bellco CU, DPS CU and Red Rocks FCU and they bring to anestimated 50 credit unions nationwide that will participate in thelandmark affordable housing project, scheduled to be unveiledduring a news conference in Washington Monday morning. Under theproject, called Home Loan Payment Relief--pronounced helper--creditunions will offer below-market adjustable-rate loans to eligiblehomebuyers and will voluntarily underwrite the costs.

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