Two Florida Credit Unions Back Tampa Housing Project

TAMPA, Fla. – The timetable isn’t confirmed yet, but participants in a project to build affordable housing in West Tampa hope construction will get underway in about three months. Two of Florida’s largest credit unions, Suncoast Schools Federal Credit Union and GTE Federal Credit Union, will provide both construction and mortgage financing. “The two credit unions have a long history of working together,” says Bucky Sebastian, GTEFCU President/CEO. “The CEO of Suncoast Schools (Tom Dorety) and I are very good friends. About two years ago we got a grant from the National Credit Union Foundation to create an affordable housing entity. “We formed a company, Credit Union Housing Partnership, and set about trying to let people know we were willing – even anxious – to try and help create, support, fund and encourage affordable housing initiatives in our market area.” CUHP was approached about a year ago by Ed Turnachik and Teresa Caddick, the principals of InTown Properties, concerning a project to build housing near downtown Tampa. Plans call for at least 60 three-bedroom, two-bathroom homes with 1,400 to 2,000 square feet in a neighborhood that covers perhaps seven or eight blocks. Prices are expect to start at approximately $150,000. The big challenge, Sebastian says, “always is working with the first-time homebuyer to be sure they understand all the responsibilities of home ownership. It’s very different to be a renter than an owner. It’s not true that just because you have the financial wherewithal to make the monthly payments you’ll be a good homeowner. There is an educational process that must take place.” Don Charron is senior vp/lending at Suncoast Schools FCU. He also oversees the credit union’s CUSOs, including CU Housing Partners. He adds that simply making something happen has been the biggest challenge so far. “It took a while to coordinate the efforts behind all of this. The developer has had to work not only with the city but the local Community Development Corp. We now feel we can move forward and will soon see some houses actually coming out of the ground,” Charron says. -