EL PASO, Texas – El Paso Affordable Housing, a CUSO owned by eight credit unions, said yesterday it was awarded a $550,000 grant from the Texas Department of Housing and Community Affairs to help first-time homebuyers finance a mortgage.
The grant will provide 55 first-time home buyers with either 6 percent of the home purchase price or $10,000 for their down payment and closing costs. The program is designed to serve households earning no more than 80% of the area median family income. For El Paso County, this equals an annual income of $34,900 for a family for four.
The CUSO is owned by: Government Employees CU of El Paso, First Light FCU, West Texas CU, El Paso Area Teachers FCU, One Source FCU, El Paso Employees FCU, Mountain Star FCU and Golden Key FCU.
