ALEXANDRIA, Va. -
Yes, according to NAFCU CEO Fred Becker, who attended a ceremony for Shiloh of Alexandria FCU at the historic Shiloh Baptist Church here recently. "What is most inspiring is that Shiloh is doing almost everything that Navy FCU is doing," said Becker.
NAFCU frequently works with Community Development Credit Unions (CDCUs) through the National Federation of Community Development Credit Union's (NFCDCU) Partner Initiative. NCUA Chairwoman JoAnn Johnson praised the credit union's homeownership and financial counseling efforts, as well as its Individual Development Accounts (IDAs). Board member Gigi Hyland also attended.
The ceremony marked Shiloh FCU's announcement of its participation (and the first CU) in the affordable mortgage program of the Virginia Housing Development Agency. Together with CU National Mortgage, SFCU will originate reduced-rate mortgages without a requirement for private mortgage insurance.
Making mortgage loans can be difficult, noted SFCU manager John Dupree, Jr., as they sometimes required extensive, complex partnerships. "It takes a village to raise a child, but it takes a city to do some of our mortgages," he said. Dupree helped to organize the CU.
Shiloh FCU seeks to help the most hard-pressed members of the community, particularly reaching out to former addicts, pregnant teens, and others with special needs, working with them for three or four years to help them become credit-worthy.
"We think more philosophically," said Dupree, Jr. "It's about helping people to have a life, to have a good life." Dupree said he was especially pleased with the new program because it will result in fewer referrals to banks.
Federation Executive Director Cliff Rosenthal spoke of Shiloh's "inspiring audacity" which never shied away from a challenge. "The Federation had faith in us from the very beginning," said Dupree, and has provided both investments and grant funding to the CU since its early days.
