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NCUF Has $500,000 For CUs to Use In Housing

MADISON, Wis. - The National Credit Union Foundation has announced that it has been given the authority to administer $500,000 from the Department of Agriculture that credit unions can apply to use in low-income housing projects in their areas. "We're pleased to be able to act as an intermediary on...

By Staff Writer | Updated on September 23, 2003

MADISON, Wis. – The National Credit Union Foundation has announced that it has been given the authority to administer $500,000 from the Department of Agriculture that credit unions can apply to use in low-income housing projects in their areas. “We’re pleased to be able to act as an intermediary on behalf of America’s credit unions,” said Gary Officer, Executive Director of the National Credit Union Foundation. “These funds can be used by participating credit unions to improve their capacity to implement strategies and programs designed to increase underserved communities’ access to quality financial services.” The funds, which are part of the USDA’s Rural Community Development Initiative, must be used for locations in rural areas, which are defined as a city, town or unincorporated area that has a population of 50,000 or less. The funds must also be focused on providing services to underserved communities within the credit union’s field of membership. Fund uses can include financial and technical assistance to develop recipient’s capacity and ability to undertake projects related to affordable housing, community facilities or community and economic development.

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