U of C Federal Credit Union here says it will use a $150,000 grant from the National Credit Union Foundation to help move up to 1,000 members and CU employees into homes.
The credit union reported that it now requires an income of at least $80,000 annually in its home county to afford a home. U of C FCU is using the grant to leverage into a $100-million home-building project with Thistle Community Housing, a non-profit housing provider.
According to the NCUF, to capitalize the partnership, the credit union and Thistle jointly established the Alliance for the American Dream. "The Alliance goes far beyond traditional public funding sources for affordable housing," said NCUF Chairwoman Mary Cunningham, president/CEO of USA Federal Credit Union in San Diego. "By tapping into funding from the private sector-including businesses, family foundations, and even individuals-the Alliance is well on its way to raising millions of dollars in equity."
"Alliance for the American Dream's collaborative nature allows us to create long-lasting, local housing solutions and a model for national duplication," added U of C Federal Credit Union CEO Bill Sterner.
Thistle is a member of the national NeighborWorks Network, which includes 235 non-profit organizations providing affordable housing and homeowner counseling in more than 2,700 communities.
"This innovative project will become a national model of how non-profit housing providers and credit unions can partner to build affordable housing in communities where income cannot keep up with rising home prices," stated Ken Wade, CEO of NeighborWorks America in Washington. "There are thousands of opportunities for partnerships like this to build stronger communities across America. NeighborWorks America commends the National Credit Union Foundation for recognizing the potential of this partnership."
For info: www.ncuf.coop.
