Travis CU Helps Move Section 8 Dwellers into Their Own Homes

FAIRFIELD, Calif. – Thuy Nguyen, a Vietnamese immigrant single mother celebrated Valentine’s day this year by moving from subsidized Section 8 housing into her own home, thanks to Travis CU. The $1.6 billion credit union teamed with the city of Fairfield and a variety of state and government agencies to provide funding for the mother of two to buy her own two-bedroom condo in this high-cost city. Under the Section 8 program, qualified participants are provided grants from a variety of sources, in this case, the State CalHome Program, the federal Community Development Block Grant Program and Housing American Families, and the credit union will provide a traditional mortgage loan for the rest. In Nguyen’s case, the grants provided more than 80% of the $364,250 cost of the home and Travis CU provided a first mortgage for $40,000. The Section 8 loan, the credit union’s fifth, was so successful that three surrounding California counties have hired the credit union to finance their loans.