SEATAC, Wash.—Five Northwest credit unions that have been working to improve access to housing have received $120,000 in planning grants from the Northwest Credit Union Foundation.
The funds are to go toward furthering study of the respective CUs’ local housing and rental markets as well as toward creation of solutions that best fit the needs of members and communities.
“These credit unions are identifying strategic opportunities to address the workforce housing issues facing their communities,” said Sharee Adkins, executive director. “They are in a strong position to make positive impacts on residents’ lives through new lending products and relationships with business and community leaders. We are so pleased to be supporting them in this important work.”
Each credit union awarded a grant is in a community facing workforce housing challenges, the Foundation said.
The Winning CUs
The CUs winning the funds and their plans for deploying them include:
- Central Willamette Community Credit Union in Albany, Ore., which plans to implement a home loan program to help members avoid private mortgage insurance (PMI) costs, resulting in lower monthly payments. The $307-million, 28,975-member credit union also proposes a rental deposit loan program.
- Consolidated Community Credit Union in Portland plans to collaborate with community leaders to identify resource gaps in an increasingly expensive housing market and identify opportunities for the credit union to help.
“These generous resources from the Foundation will be used to establish a network of community partners to execute our affordable housing initiatives,” said Larry Ellifritz, president and CEO. Ellifritz said Consolidated Community hopes to reinvest $24 million in local communities over the next three years, providing loans to consumers of modest means who live in low-income neighborhoods.
- Icon Credit Union in Boise, Idaho, plans to use its grant to help residents needing rental deposit or mortgage down payment assistance.
- Pacific Crest Federal Credit Union in Klamath Falls, Ore., plans to address the influx of more than 100 new families expected to move into the area in 2019 to work at the Kingsley Field Air National Guard Base. The credit union will start by building a coalition of community leaders, real estate agents, business leaders, and Base staff to explore solutions which may include renovating foreclosed homes, the Foundation said.
- Peninsula Credit Union in Shelton, Wash., which serves Mason County, Wash., where one of every two households struggle to live within their household budgets, plans to decrease the number of housing-challenged families by offering financial counseling, mortgage readiness, and household stabilization products. The credit union will also focus on expanding housing inventory and creating more home ownership opportunities for Hispanic and Native American families, the Foundation said.
In early 2019, Northwest credit unions will have an opportunity to apply for another round of workforce housing grants, which will help them implement innovative, scalable, and/or replicable workforce housing solutions, Adkins said.