Federal Funding To Boost Secondary MarketFor CUs

WASHINGTON - (09/19/05) -- The National Federation of CommunityCUs got a boost for its secondary mortgage market project that willbe unveiled later this month with a grant Friday from the CommunityDevelopment Financial Institutions fund for $475,000. TheFederation will use the federal grant to establish reserves for theproject through its CDCU Mortgage Center. The Federation was one ofseven credit union organization receiving a total of 44.4 millionin this year's CDFI grants, announced Friday. The others were:Self-Help CU, $1.4 million to originate affordable mortgages tolow-income homebuyers; Mendo Lake CU, $1.4 million to expand amanufactured home loan program; Syracuse Cooperative FCU, $481,680to capitalize their lending program; O.U.R. FCU, $276,500 todevelope a new mortgage program; Thurston Union of Low-IncomePeople Cooperative CU, $150,000 for operational expenses; BushwickCooperative FCU, $253,440 to expand its market and establish abranch in the Bedford-Stuyvesant neighborhood ofBrooklyn.