NEW YORK and WASHINGTON — The National Credit Union Foundation and The National Federation of Community Development Credit Unions have joined forces to help credit unions get the most advantage from a more than $710,000 federal grant.
The NCUF received the grant from the U.S. Department of Housing and Urban Development and will administer it for 22 participating credit unions and CU based programs. Some of the Federation's professional consulting staff will help with the administration.
"Many of the most successful counselors reaching low-income members through our HUD grant are at community development credit unions (CDCUs)," observed NCUF Executive Director Steve Delfin. "The Foundation and Federation teams will work together to bring additional housing program experience to CDCUs, and share CDCUs' member service strategies with credit unions whose field of membership is not primarily low-income."
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"We're very pleased to have the opportunity to work with the National Credit Union Foundation, which has been an important supporter of the CDCU movement," said Federation President/CEO Cliff Rosenthal. "Housing counseling is a crucial service for credit unions serving low-income communities, and this program will provide credit unions with the expertise to help their members avoid the current mortgage crisis and potential foreclosure. Additionally, expanding our capacity in this area will enhance the impact of our CDCU Mortgage Center, LLC–our secondary mortgage market that helps credit unions free up capital to increase responsible and affordable mortgage lending in their communities."
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