Syracuse CUs Rehabilitate UrbanHomes

ROCHESTER, N.Y. - (10/14/04) -- Six area credit unions have joined acity-sponsored Urban Homestead Program to help rehabilitate innercity homes for sale to low-income residents. The six credit unions,several of which are providing volunteers to help renovate thedilapidated houses, have agreed to provide the permanent financingfor the projects, Ron Ehrenreich, manager of Syracuse CooperativeFCU, one of the participating credit unions. "We're putting thecommunity's assets to work," Ehrenreich said during Monday's PALSconference here, organized by NCUA Board member Deborah Matz. Thecredit union have agreed to make low downpayment mortgages, as lowas $500, available for the inner city homes, which can be sold foras little as $25,000 in this depressed northern New York city. Thegroup has completed its first rehab and is prepared to finish thesecond home, with 11 more projects in the works. Otherparticipating credit unions are: Empire FCU, Power FCU, ACMG FCU,ESM-NS FCU, MONY FCU.