FARMERS BRANCH, Texas (1/13/14)--Through a grant from the U.S. Department of Housing and Urban Development (HUD) and the support of three local credit unions, the El Paso Affordable Housing credit union service organization (CUSO) will help 50 families become homeowners, the Cornerstone Credit Union League said Friday.
The grant of roughly $2 million, funded through HUD's Neighborhood Stabilization Program, will be used to provide qualified homebuyers with up to $26,500 in down-payment assistance and up to 3% toward closing costs, Luis Caballero, El Paso Affordable Housing family asset development manager, told the league (Leaguer Jan. 10.).
"HUD issued these grants to various organizations around country in an effort to re-stabilize communities affected by housing collapse," said Caballero.
Three El Paso credit unions--FirstLight FCU, with $829 million in assets, $2 billion-asset GECU, and $89 million-asset OneSource FCU--were selected as the preferred lenders for the program. All three of the credit unions have received the Cornerstone Credit Union League's Juntos Avanzamos designation for credit unions that have demonstrated exceptional commitment and service to the Hispanic community.
The CUSO has partnered with a local developer to build 50 new homes. Ten of the homes have been completed.