Pioneer CU Rewards SmartCommuters

August 02, 2004, 1:00 a.m. EDT 1 Min Read

GREEN BAY, Wis. - (08/02/04) -- Pioneer CU said it has joined alocal Smart Transit Initiative which will allow it to offer morelenient mortgages to homeowners living near public transit lines.Under the local program, one of many developed by Fannie Mae aroundthe country, a homebuyer who buys a house within a quarter-mile ofthe bus route will be allowed to borrow more for a mortgage. Theidea is that borrowers who use public transportation save more oncommuting, providing them with more income to pay a mortgage. GreenBay Metro, a partner in the program, will provide two free monthlybus passes, then half-price passes for four months. Credit unionsin North Carolina, Georgia, Wisconsin and Michigan areparticipating in similar Smart Commute programs.

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