Grants Available for Low-Income Credit Unions
to Work with NeighborWorks® Organizations to Expand Homeownership
April 22, 2004-- The National Credit Union
Administration (NCUA) announced it will provide a total of $150,000
in technical assistance to low-income credit unions for an initiative
to expand homeownership opportunities in partnership with the
NeighborWorks network of community development organizations.
In addition, NCUA credit unions participating in the homeownership
initiative may apply for low-interest loans of up to $300,000
for seed money for mortgage loans to residents who do not meet
conventional lending standards. The mortgages may be held either
by the credit union in its portfolio or sold by credit unions
through Neighborhood Housing Services of America, which works
with NeighborWorks organizations to purchase mortgages. A total
of $4 million in loans is available from NCUA for eligible credit
unions through this initiative.
Proposals from eligible NCUA credit unions must be submitted
by July 31, 2004. View Technical
Assistance and Loan Program Guidelines [PDF, 323KB]
In the past two years, NCUA and Neighborhood Reinvestment Corporation
have expanded efforts to identify, develop, and implement partnering
relationships between NeighborWorks organizations and credit unions.
The goal is to augment the services of each organization with
the expertise and knowledge of the other. The Neighborhood Reinvestment
Corporation is a nonprofit organization created by Congress to
provide financial support, technical assistance, and training
for community-based revitalization efforts.
Related links:
###
back to top
