MONTROSE, Colo.–NuVista FCU here has received a $100,000 workplace housing grant from the SeaTac, Wash.-based GoWest Foundation, the philanthropic arm of the GoWest Credit Union Foundation.
The fund will help bolster the housing initiative within Ouray County and other Colorado counties NuVista serves by helping to finance the construction of a new duplex in Ridgway, Colo., according to the organization.
The Foundation’s contribution makes the construction loan possible and results in reduced closing fees and more favorable interest rates for NuVista’s financial collaborator, Home Trust of Ouray County, the Foundation said. A groundbreaking took place Oct. 18.
‘Innovation’ in Addressing Issue
“We’re always eager to support credit unions that are innovatively addressing the workforce housing shortage, and NuVista’s collaboration with a community land trust is truly commendable,” said Assistant Vice President of the GoWest Foundation and Managing Director Sarae Bay.
According to the foundation, for the past year, the $141.6-million NuVista has focused on ensuring individuals, business and nonprofits in rural areas have access to essential financial products and services, particularly affordable housing.
CDFI in Unique Position
"As a Community Development Financial Institution (CDFI), we're in a unique position to access federal funds unavailable to other financial institutions,” said Director of Grants and Special Initiatives Sara Plumhoff. “Our mission is clear – to support housing needs in the communities we are part of.”
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obvious choice given their shared vision. We're extremely grateful for their investment.”