DSFCU To Provide Up To $100M For Housing
Desert Schools FCU said it will make as much as $100 million available for low- and moderate-income housing loans, the largest affordable housing fund ever created by a single credit union. The funds will be used over the next two years to provide home loans to low- and moderate-income families, with the focus on designated underserved areas.
Fannie Mae has pledged to purchase the loans. The $2-billion credit union said it expects to reserve 25% of the funds to assist minority homebuyers.