ELGA Credit Union and Communities First, Inc. awarded $500,000 Affordable Housing Program grant for housing development in downtown Flint, Mich.
FENTON, MI (December 22, 2020) — ELGA Credit Union (ELGA), in partnership with Communities First, Inc. (Communities First) was awarded a $500,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Indianapolis for The Grand on University housing project. Additionally, ELGA has pledged $30,000 towards the project, to help further the Communities First mission to build healthy, vibrant communities through economic development, affordable housing and innovative programming. The Grand on University is a new construction project that will bring 48 units of mixed-income rental housing in downtown Flint, Mich.
“The revitalization and rehabilitation of Flint’s neighborhoods is important to the future of our city, and a cause that ELGA is very proud to have helped with on this project,” said Terry Katzur, Executive Vice President of ELGA CU. “We have worked with Communities First on other neighborhood rehabilitation projects, so it was a natural fit for us to work with them on The Grand on University. Our membership with the Federal Home Loan bank of Indianapolis allowed us to provide support outside of the typical lending activities that we would generally be involved with, giving ELGA the opportunity to make an even bigger impact on this important project.”
The projectwill provide 48 units of housing for individuals and families. It will consist of 20 one-bedroom units, 21 two-bedroom units, and seven three-bedroom units. Of the 48 units, 17 will provide permanent supportive housing for homelessand individuals and families with special needs.
About ELGA Credit Union
Serving members since 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned and operated with a single purpose: People Helping People. Simply put, anyone who lives, works, worships, volunteers, or attends school in the State of Michigan is eligible to join. To learn more about ELGA Credit Union, visit www.ELGACU.com.