LANSING, Mich. – Astera Credit Union said it has entered into a “funding partnership” with The House Collective on the acquisition of the apartment building.
Astera said that with its support The House Collective will be seeking to address the issue of affordable housing and homelessness in the Lansing community by providing safe and financially healthy homes to those in need.
“With an overriding vision to make meaningful contributions towards improving the financial health and wellbeing of the communities it serves, Astera Credit Union is always looking for opportunities to give back and help support its members and its communities,” the credit union said. “By providing community development financing to The House Collective, and financial education access to the residents of its communities, Astera is living out its vision and the credit union philosophy of people helping people. Partnering with others who share a similar goal to empower the communities they serve is a win-win.”
According to Astera CU, like many other cities, Lansing is currently facing a housing crisis, with a shortage of affordable housing options and an increasing number of individuals experiencing homelessness.
"We recognize the urgent need for high-quality, low-cost housing in the Lansing area, especially as our community struggles with a housing crisis and the aftermath of the COVID-19 pandemic," said Executive Director Lior Ron. "The House Collective is committed to creating housing solutions that are accessible and affordable while also prioritizing the health and safety of our residents. We are grateful to Rob Whitaker, commercial relations manager at Astera CU, and the amazing team at Astera Credit Union for providing the funding to make this important project a reality."
Astera CU said improving the financial health and wellbeing of members and the community is at the heart of what it does, and that includes a focus on building financial literacy through financial education, provide financial support and a complete suite of affordable products and services tailored for those who have unmet financial needs.
“I’ve made the focus on financial wellbeing an integral part of the culture here at Astera,” Astera CEO Martin Carter. “We know how important achieving good, sustainable financial health is to our members and our communities. We place a big emphasis on making sure all employees are equipped to help the underserved and under-resourced communities, whatever the financial situation might be. We are excited to be partnering with The House Collective through this funding and financial health project and believe that our collaborative ability to help the community and provide financial education and affordable resources will be fundamental in addressing the housing crisis in the Lansing community.