PORTSMOUTH, N.H. – Three credit unions in New Hampshire have collectively committed $12 million to help low income New Hampshire residents obtain loans, according to Service Credit Union, an $833 million institution which is one of the three. The other two are Holy Rosary Regional Credit Union, a $100-million credit union based in Rochester, N.H., and Northeast Credit Union, a $385-million institution also based in Portsmouth. The $12 million is part of an initiative called the Credit Union Community Outreach and will fund two programs, the credit unions said. The first is a real estate program that will help fund home ownership loans for consumers, and the second will provide an alternative to some of the payday lenders which sometimes victimize low income households. "The community outreach program highlights the value that these credit unions provide to their communities," said Rob Kimmett, Senior Vice President of the New Hampshire Credit Union League. "The $12 million in loans could help thousands of low income New Hampshire residents buy a home or just pay their oil bill," he added. The three participating credit unions wanted to find ways to help low income families, an official with the credit unions said. The initiative will join with support agencies to help people get the loans they need. The emergency loan program lends up to $500 per family that can be used to pay urgent expenses for such things as heating bills, car trouble and dental work. The emergency loans get paid back over a 10-month period with a low interest rate and the credit requirements for getting the loans are much more relaxed, the initiative said. The other program is a nonconforming adjustable rate mortgage program for families interested in an opportunity to own a home. The program aims to help them acquire 30 year mortgages.