Earlier this year, Labor Credit Union (formerly Department of Labor FCU) launched the “Make First Time Home Buying a Reality” grant program that would provide members $12,500 towards the down payment and closing costs to purchase their first home. The grant program was established to provide support for our members by securing their dreams of financial growth and independence through home ownership. We are pleased to announce that the success of the program has resulted in two of our grant recipients finalizing the purchase of their homes.
Our latest grant recipient has finalized her home purchase. Stacy describes the impact of this grant program, “Since I joined Labor CU, I have been able to raise my credit score, purchase another car, and buy my first home! I wanted to purchase a home for many years, but this program allowed me to make my dream a reality! From the moment I found out I was one of the recipients, I was so excited. Thank you for this program, and for helping to change my life! Now I am finally a proud homeowner!”
As part of our pledge to improve the financial well-being of our members, the credit union’s staff, leadership, and board of directors have been instrumental in empowering our members to reach their financial goals. In the past year, we’ve helped members significantly by providing $3.4 million in direct financial benefits and saved our members over $1.8 million in lower interest rates on their loans. In addition to the home buying grant program, we continuously strive to establish opportunities that build generational wealth and support financial development.