Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Homeownership Month Brings Focus On CDCUs' Programs
NEW YORK (6/25/13)--The latest issue of The Bridge, the magazine of The National Federation of Community Development Credit Unions, celebrates June as National Homeownership Month.

The entire issue is devoted to the efforts of community development credit unions to provide affordable housing to underserved members.

"Bring the American Dream to the Underserved" shares the experiences of three credit union-sponsored, housing finance services: Marisol FCU, Phoenix; A Shared Initiative Inc., New Orleans; and Border FCU, Del Rio, Texas.

Marisol FCU established the Pay Yourself Mortgage that creates an escrow account for borrowers. Borrowers pay an amount equal to 75 basis points of the loan amount for five years. If after five years they have not defaulted on any payments, the money is used to pay down the mortgage.

Border FCU provides home equity loans, land loans and free counseling services. It also partners with several nonprofit organizations for down-payment assistance.

A Shared Initiative is a nonprofit initiative created by ASI FCU, Harahan, La., to more effectively administer the credit union's community development initiatives and combat post-Katrina economic distress in the New Orleans area. Among the services the organization offers is a first-time home buyers program.

Another article, "Manufactured Housing: Good for Your Customers, Good for Your Portfolio," describes the Corporation for Enterprise Development's (CFED) Innovations in Manufactured Homes initiative. The program is designed to recast manufactured housing as a viable asset and wealth-building tool.

"A recent report released by CFED reveals that manufactured home mortgages can perform as well as other mortgages, even when the mortgages are made to borrowers with relatively poor credit and small down payments," wrote Doug Ryan, CFED director of affordable homeownership.

The issue also includes, "Home Sweet Home: Success Stories from the Center for Financial Health (CFH)," a photo essay of families in Lansing, Mich., that have achieved their goal of buying or keeping a home.

The CFH is an affiliate of the federation's network of the U.S. Department of Housing and Urban Development-approved housing counselors. CFH works closely with the Michigan Credit Union League and several Michigan credit unions.
RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 hour ago