Align Credit Union announces the “Community Dream Mortgage Program”

Align Credit Union’s new Community Dream Mortgage Program was officially announced at a press conference on Wednesday, December 2nd at Align’s corporate office at 40 Market Street in Lowell. In partnership with MassHousing, Merrimack Valley Housing Partnership and the Coalition for a Better Acre, Align has pledged $2 million to give families the opportunity to own their own home and help build strong, vibrant communities in Greater Lowell.  Speakers and attendees at the event included:

Kenneth Del Rossi,  President and CEO, Align Credit Union
Tom Hammond , Executive Vice President and CFO, Align Credit Union
Judy Dodier, Senior Vice President, Home Financing, Align Credit Union
Peter Milewski, Director of Home Ownership Lending, MassHousing
Lisa Fiandaca, Business Development Officer, MassHousing
Jim Wilde, Executive Director, Merrimack Valley Housing Partnership
Ed Alcantara, Home Buyer Counselor, Merrimack Valley Housing Partnership
Julia Gavin, Director of Programming, Coalition to Build a Better Acre
Eileen Donahue, State Senator, 1st Middlesex District
Tom Golden, State Representative, 16th Middlesex District
Rady Mom, State Representative, 18th Middlesex District
Rodney Elliot, Mayor of the City of Lowell
Dianne Tradd, Assistant Manager of the City of Lowell

Kenneth Del Rossi, President and CEO, Align Credit Union
“We were looking for ways to give back to the Greater Lowell community. With the concept in place, we reached out to some of the housing-focused organizations in the Merrimack Valley who we work with regularly to help strengthen the program. Align Credit Union is committing $2,000,000 to help buyers, who might not qualify for other traditional programs, finance their dream home in the Greater Lowell area. We are offering first-time homebuyers a mortgage for purchase and/or rehabilitation needs, both fixed and adjustable rate products will be available. We do initiatives like the Community Dream Mortgage Program because it’s the right thing to do.”

Judy Dodier, Senior Vice President, Home Financing, Align Credit Union
“The Community Dream Mortgage Program is about providing affordable loans to make home ownership a reality in this community. It’s our goal to help give families the opportunity to own their own home and transform neighborhoods and…change their lives.”

Peter Milewski, Director of Home Ownership Lending, MassHousing
“We have a unique product that’s called Unemployment Benefit Protection, that in the event that a borrower loses their job at any time during the first 10 years of the mortgage, we will cover their principal and interest payments up to 100%, for up to 5 months. Over the last 10 years, we’ve had over 1,000 borrowers lose their jobs and the average unemployment duration has been 5 months. Of those 1,000 borrows, 850 are still in their homes and making their mortgage payments on time. That’s an 85% recovery and foreclosure prevention rate. However, we can’t do that without institutions like Align Credit Union. We are so pleased to be partnering with you and are honored to be part of the program.”

Jim Wilde, Executive Director, Merrimack Valley Housing Partnership
“I really applaud Align for coming up with a really creative product. Congratulations to Align, we look forward to working with you.”

Eileen Donoghue, State Senator, 1st Middlesex District
“For generations, owning your own home has been the American Dream, not just for the individual but for the community. It strengthens our communities. It strengthens our neighborhoods.”

Tom Golden, State Representative, 16th Middlesex District
“Any time I’ve had an issue with a constituent…Align is always there. I think that’s the key.  Align has always shown, throughout the years, that they are invested in the community. My hat’s off to Align Credit Union.”

Rady Mom, State Representative, 18th Middlesex District
“The ability to own a home in the greatest country on Earth is unbelievable. I’m so excited for Align and for the people who will receive the help they need.”

Rodney Elliot, Mayor of the City of Lowell
“What we do know, in the city, is that homeownership works. When people have their own home. they take pride in it and it helps strengthen the neighborhoods. Not every program fits every income level and demographic. For those people who fall through the cracks, they will now have an opportunity at homeownership.”

To qualify for Align’s Community Dream Mortgage Program, applicants must be first-time homebuyers, meet low-to-moderate income requirements and must not own any other property at the time of closing. Loans are limited to properties located in Billerica, Chelmsford, Dracut, Lowell, Tewksbury and Tyngsboro. Interested parties are encouraged to contact Align’s Vice President of Community Development at (978) 323-0671 or JSullivan@AlignCU.com as soon as possible to find out if they qualify.

 

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