Desert Schools FCU Unveils AffordableHousing Fund
PHOENIX - (09/0/05) -- Desert Schools FCU said it has willprovide as much as $100 million available for low- and moderateincome housing loans, the largest affordable housing fund evercreated by a single credit union. The funds will be used over thenext two years to provide home loans to low- and moderate-incomefamilies, with the focus on designated underserved areas. FannieMae has pledged to purchase the loans. The $2 billion credit unionsaid it expects to reserve 25% of the funds to assist minorityhomebuyers.