SEATAC, WA (November 15, 2018) — Five Northwest credit unions trying to clear workforce housing hurdles in their communities will now have additional resources. The Northwest Credit Union Foundation (NWCUF) has awarded $120,000 in planning grants to the credit unions, which will further study their local housing and rental markets and create solutions that best fit the needs of their members and communities.
“These credit unions are identifying strategic opportunities to address the workforce housing issues facing their communities,” said Sharee Adkins, Executive Director. “They are in a strong position to make positive impacts on residents’ lives through new lending products and relationships with business and community leaders. We are so pleased to be supporting them in this important work.”
Each credit union awarded a grant is in a community facing workforce housing challenges.
Central Willamette Community Credit Union, located in Albany, Ore., plans to implement a home loan program to help members avoid private mortgage insurance (PMI) costs, resulting in lower monthly payments. The $307 million asset, 28,975-member credit union also proposes a rental deposit loan program.
Portland-based Consolidated Community Credit Union plans to collaborate with community leaders to identify resource gaps in an increasingly expensive housing marketand identify opportunities for the credit union to help.
“These generous resources from the Foundation will be used to establish a network of community partners to execute our affordable housing initiatives,” said Larry Ellifritz, President and CEO. Ellifritz said Consolidated Community hopes to reinvest $24 million in local communities over the next three years, providing loans to consumers of modest means who live in low-income neighborhoods.
Icon Credit Union, headquartered in Boise, Idaho, plans to use its grant to help residents needing rental deposit or mortgage down payment assistance.
Klamath Falls, Ore.-based Pacific Crest Federal Credit Union plans to address the influx of more than 100 new families expected to move into the area in 2019 to work at the Kingsley Field Air National Guard Base. The credit union will start by building a coalition of community leaders, real estate agents, business leaders, and Base staff to explore solutions which may include renovating foreclosed homes.
In Mason County, Wash., where one of every two households struggle to live within their household budgets, Shelton-based Peninsula Credit Union plans to decrease the number of housing-challenged families by offering financial counseling, mortgage readiness, and household stabilization products. The credit union will also focus on expanding housing inventory and creating more home ownership opportunities for Hispanic and Native American families.
In early 2019, Northwest credit unions will have an opportunity to apply for another round of workforce housing grants, which will help them implement innovative, scalable, and/or replicable workforce housing solutions, Adkins said.
The Northwest Credit Union Association is the trade association representing more than 175 not-for- profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 8.1 million consumer members. As not-for-profit cooperatives, credit unions look out for their members’ financial well-being. Everyone should open their eyes to a credit union. For more information, please visit: https://yourmoneyfurther.com
Lynn Heider
503.329.7208 | lheider@nwcua.org
Jenny Miller
jmiller@nwcua.org
208.713.9596 (Mobile)
