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Credit Union House Purchase Paid Off but Don't Pack Up the Hammers and Saws Yet

WASHINGTON-Many cannot fathom what it would feel like to get out from under a mortgage. That is exactly what Credit Union House did by making the last payment (totaling $600,000) to CUNA in January on the $1,375,000 loan for the purchase of the adjoining property, according to CUNA Vice President...

By Staff Writer | Updated on March 04, 2003

WASHINGTON-Many cannot fathom what it would feel like to get out from under a mortgage. That is exactly what Credit Union House did by making the last payment (totaling $600,000) to CUNA in January on the $1,375,000 loan for the purchase of the adjoining property, according to CUNA Vice President of Communications and Media Outreach Pat Keefe. The original loan term was for two years at 7%, made in April 2001. The Credit Union House building, itself, was paid for entirely by the league investors. However, CUNA President and CEO Dan Mica reminded attendees of the group’s Governmental Affairs Conference, sponsors are still needed for operating expenses. In addition, the California and Nevada Credit Union Leagues presented a giant $255,000 check to Credit Union House for the construction of the roof top terrace over the adjoining property, which boasts a majestic view of the Capitol building.

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