SPOKANE VALLEY — As part of an effort to increase access to homeownership, Numerica Credit Union said it has been granted $1.5 million in funding from the City of Spokane to support underserved communities.
The grant aims to help first-time homebuyers who might not have otherwise qualified for a loan without downpayment assistance, Numerica CU stated.
“This grant will help strengthen communities that are too often underserved,” said Carla Cicero, Numerica president and CEO. “Numerica’s core purpose is enhancing lives, fulfilling dreams, and building communities. Because of this commitment, dozens of families will finally be able to make their dream of owning a home a reality.”
The $3.7-billion Numerica was awarded the grant in early February as a part of the Federal American Rescue Plan Act (ARPA). As a low-income designated credit union and community-based lender, Numerica said it was selected as a recipient because of its outreach to underserved and underbanked people in the community.
‘Ideal Partner’
“We are excited the City saw Numerica as an ideal partner to use these funds,” said Lars Gilberts, Numerica vice president of equity and community development. “These grant funds are intended to help communities recover from the economic impact of the pandemic, while supporting long-term growth and opportunities. This investment will help families become more resilient for generations to come.”
Numerica said participants will receive financial education and money toward their down payment to support their financial well-being, and that it is currently working with the City of Spokane to finalize the award agreement, program criteria and community partnerships.
Numerica Credit Union has more than 170,000 members.
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