Federal Funds To Support CDCUs' HousingPrograms

Register now

WASHINGTON - (10/01/04) -- Six credit unions and four creditunion organizations will receive $7 million in funding under theTreasury's Community Development Financial Institutions program,most of it to help them expand affordable housing programs. Andanother two dozen credit unions will share almost $1 million intechnical assistance grants from the program this year. This year'srecipients include the National Federation of CDCUs, which willreceive $1 million to produce a new CDCU Family Home Fund to helpfinance non-conforming loans for its credit union members. Thebiggest credit union-backed recipient is the Self-Help VenturesFund, affiliate of Self-Help CU, Durham, N.C., which received $2million for reserves for its secondary loan program. Also, the N.C.Minority Support Center, Durham, received $500,000 to make capitalinvestments in its 10 member credit unions. Other credit unionrecipients are: Alternatives FCU, Ithaca, N.Y., $1.4 million toexpand affordable housing; Bushwick Cooperative FCU, Brooklyn,N.Y., $262,720 to support its affordable housing program; VermontDevelopment CU, Burlington, Vt., $783,000 to increase its home andcar loan capacity; Lower East Side People's FCU, New York City,$560,000 to support affordable housing loans in one of New YorkCity's Hot Zones; Hacienda Community CU, Portland, Ore., $99,000 tosupport its affordable housing program; Saguache County CU, Moffat,Colo., $250,000 to increase its capital; and Montana Credit Unionsfor Community Development, Helena, Mont., $28,300 to provideconsulting services for local CDCUs.

For reprint and licensing requests for this article, click here.