DES MOINES, Iowa – The National CU Foundation said yesterday it has awarded a $24,050 Innovation Grant to Village CU to help the tiny credit union build a Latino Real Estate Coalition among the growing Hispanic population in this Midwest city.
The project will educate Latinos about homeownership and credit scores, coordinate with area professionals–including realtors, builders, appraisers and lenders; and create a best practices report that documents all the steps taken and lessons learned. Affordable home loans through the coalition will include traditional mortgages as well as mortgages for homebuyers who qualify with an Individual Taxpayer Identification Number.
While the initial focus will be on Latinos in Iowa’s state capital, Village CU’s report will enable other credit unions to develop innovations serving Latinos in other cities and states. The $7 million credit union has hired Coopera Consulting, a subsidiary of the Iowa CU League that partners with credit unions seeking to grow membership in emerging markets around the country.
The Innovation Grant is one of 14 for a total of $600,000 awarded by the Foundation.
