New York CUs Set New Underserved LoanFund
ROCHESTER, N.Y. - (10/12/04) -- A group of New Uork credit unionshas agreed to put up $100 million to fund affordable mortgageprograms in underserved areas, the largest such fund ever organizedby credit unions. The New York CU Loan Fund for UnderservedNeighborhoods was unveiled here by New York Senator Hillary ClintonMonday during one of NCUA's PALS conferences for serving theunderserved. The credit unions have also agreed to fund $2 millionto finance small repairs for area tenants. Michael Vadala,president of Rochester's The Summit FCU who organized yesterday'sconference, said he came to an agreement on the outlines for theunprecedented credit union affordable mortgage fund duringdiscussions with Sen. Clinton's staff. Vadala, who pledged $2million for his credit union, said he will be meeting with creditunion executives later this week during the state's annual CEOroundtable to solicit additional participants. "Each credit unionwill administer it on their own," Vadala told The Credit UnionJournal. Other credit unions pledging to the fund so far are:Bethpage FCU and SEFCU (New York), $10 million each; Xerox FCU, $5million; and First Source FCU, $500,000.