Neighbors Help Neighbors Through NewEngland Floods
PORTSMOUTH, N.H - (05/19/06) In response to the worstflooding in the region since 1936, Northeast CU has put togetherflood relief package called "Relief Loan Program-Neighbors HelpingNeighbors" to help homeowners and renters recover from flood damageto their homes and apartments. "In many cases, our neighbors didnot have flood insurance that will cover all of the damagessustained by the recent storm surges," Peter Kavalauskas, presidentof Northeast CU, told The Credit Union Journal. "By reactingquickly, we are offering the Relief Loan Program to provideeveryone in the community with another financial option while theymay be waiting for government programs, private insurance orsimilar funding to rebuild their homes and their lives. TheHomeowner Relief Loan offers no payments for 90 days, a 5.9% ratefor a loan amount up to $20,000 with repayment terms of 60 months,or a 6.9% with repayment terms of 84 months. The Renters ReliefLoan offers no payments for 90 days, a 7.49% for a loan amount upto $5,000 with repayment terms of 60 months.