FERGUSON, Mo.—Credit unions continue to play a role in helping Ferguson get back on its feet.
The city has faced recurring bouts of riots, violence and looting that started in August 2014 when Ferguson Police officer Darren Wilson, who is white, fatally shot unarmed teenager Michael Brown, who is black.
St. Louis Community CU announced it is partnering with Justine Petersen, a sustainable homeownership fund initiative, and the Urban League of Metropolitan St. Louis to create a $50-million bank fund. The fund will provide more than 450 well-qualified low-income St. Louis families with the opportunity to own their own home and to remain successful homeowners by providing financial counseling, homeownership education and ongoing support.
“Homeownership is so important to the revitalization of our distressed St. Louis neighborhoods,” said Patrick Adams, CEO of St. Louis Community Credit Union,in an op-ed in the St. Louis Post-Dispatch that was co-authored with Robert Boyle, CEO of Justine Petersen, and Michael McMillan, CEO of the Urban League.“A home is most families’ single largest asset and single-largest source of savings, resulting in wealthaccumulation. Children of homeowners generally perform better in school and are more likely to graduate from high school and attend college. Enabling families to be sustainable homeowners will help the communities in which they live become stronger, safer and better.”
SLCCU and Alliance CU, which has an office in Ferguson, have expanded services in this city to assist the community. Alliance CU has offered 0% loans to help store owners rebuild following the bouts of violence.
The Urban League is also planning to construct a Ferguson Empowerment Center that will be built on the former site of the Ferguson QuikTrip—which burned down during the rioting—and will establish a social service, youth development, and employment training and placement hub.