NCUA Urges CUs To Seek Available Fed Funds

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NCUA Chairman Dennis Dollar sent a letter to credit unions notifying them of the availability of $25-million through the U.S. Department of Housing and Urban Development (HUD), which credit unions can access to help them develop affordable housing and other programs, like financial literacy, for low-income families.

The funds are available through HUD's Rural Housing and Economic Development programs, which could include assistance for first-time homebuyers, home improvement, home ownership counseling and financial literacy.

"I encourage each credit union to carefully review the program requirements of this unique funding opportunity to assess whether this program would be beneficial for your members," wrote Dollar. "Credit union-community partnerships have a record of success in producing great results of helping people become homeowners, rather than renters, as well as helping folks become more astute financial planners."

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