RALEIGH, N.C. (07/25/06) -- The state had agreed to provide a total of $1.5 million in grants to help finance mortgage programs at two minority credit unions. The money awarded to Latino Community CU and Generations CU will help the two community development credit unions to build equity to support lending for affordable mortgages. The funding will help both urban and rural areas because both credit unions have a statewide presence. The funding is projected to help as many as 500 families obtain mortgages over the next five years.
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