Group Unveils $1 Billion Low-Income Loan Plan
The newly organized Opportunity Finance Network, a group of 165 community development lenders, unveiled a new plan last week to provide more than $1 billion in low-income mortgages and relief for disaster-stricken communities.
The network, known until now as the National Community Capital Association, plans to dedicate $1 billion to a Fair Mortgage program to combat predatory lending; $100 million to financing manufactured homes, and funding to provide relief for communities devastated by a terrorist attack or natural disaster, like Hurricane Katrina. The group is also launching a National Opportunity Investor Council that will be headed by former Federal Reserve Governor Edward Gramlich.
Among the group members are: Alternatives FCU, Self-Help CU, Opportunities CU, Santa Cruz Community CU and Southern Oregon FCU.