Housing Partners Unveil Low-Income CUInitiative
ALEXANDRIA, Va. - (10/01/04) -- Shiloh of Alexandria FCU introduceda new program Thursday that will allow the $1.2 million creditunion to provide affordable mortgage services to its low-incomemembers, most of them members of the Shiloh Baptist Church, one ofthe oldest African-American churches in the country. Under theprogram, the Alexandria Redevelopment and Housing Authority willtarget and outreach to credit union members living in subsidizedSection 8 housing who may be good candidates for homeownership.Local organizations will counsel members on home buying,. FannieMae has deposited $100,000 into the tiny credit union to provideseed money for home loans. "This sends an important message," saidDeborah Matz, NCUA Board member, during Thursday's introduction."Even the smallest credit unions can offer mortgages with lowdownpayments, below-market interest rates, and discounted closingcosts, when they seek creative and civic-minded partners." Theinitiative is the first under a new CU Community Mortgage Center,an affordable housing program for faith-based credit unions offeredthrough CU National Mortgage, of Pine Brook, N.Y.