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CU takes lead in older-homes-renovation loans
KANSAS CITY (3/17/09)--CommunityAmerica CU is sponsoring a low-interest, fixed-rate home equity loan program for older homes in Kansas City’s Lee’s Summit area, as part of an expanded MARC Home Remodeling Loan Program. Any house in the area would be eligible as long as its value doesn’t exceed $250,000, according to Mark Dunning, city director of codes administration (The Kansas City Star March 14). The loans for homes in the Lees Summit area should be of particular benefit because many homes are smaller and older, leading residents to seek improvements such as a remodeled kitchen, Dunning added. When the MARC program began several years ago, it asked financial institutions for proposals to improve housing in Kansas City’s inner-ring suburbs, the newspaper said. There was minimal response--except for CommunityAmerica, a $1.636 billion asset, Lenexa, Kan.-based credit union, Jody Ladd Craig, public affairs directors for MARC, told the paper. CommunityAmerica has been very easy to work with, and MARC’s alliance with the credit union has created “a very good partnership,” Craig added. The program made 130 loans totaling nearly $2.3 million during its first two years, the paper said.
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