COLLEGE PLACE, Wash.–Six small credit unions in Washington are offering personal, unsecured loans that will provide help with the cost of first and last month's rent, plus security deposit.
Among the participants in the program is Blue Mountain Credit Union, which is offering the program to renters, especially those being affected by the COVID-19-related recession.
Executive Vice President Norma Hernández, who is also the mayor of College Place, told the Union Bulletin the new “Open Doors Loan Program is "aimed at getting people into safe housing."
The loan program is considered a pilot program
First and last month's rent, plus security deposit are "oftentimes are barriers to accessing safe and affordable workforce housing," according to an informational document from the credit union.
"Additionally, we are currently doing the loan to people who fell behind on rent due to COVID-19," Hernández told the publication in an email.
"This loan program will directly address the immediate need for more affordable workforce housing in our local communities," the credit unions added.
For working individuals and families with incomes at 80% or less of the median income of the area within the county in which they reside, Blue Mountain will offer the low-rate loan.