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100K granted to R.I. CU to aid homebuyers
WESTERLY, R.I. (5/9/11)--Westerly (R.I.) Community CU Thursday announced it received a $100,000 grant to help low- and moderate-income households with home ownership. A Federal Home Loan Bank (FHLB) approved the $213 million asset credit union to take part in its Equity Builder program, said Meg Sisco, Westerly vice president of marketing (The Day May 6). The Washington, D.C-based FHLB system was created by Congress. FHLBs nationwide are among the biggest source of funding for mortgage lending. Through the home-ownership program, the credit union can award up to $10,000 per eligible family. The awards are provided on a first-come, first-served basis until the funding is gone, the newspaper said. Households that earn 80% of the area’s median income are eligible to participate. Through the program, the credit union said it will offer reduced interest rates for first-time borrowers, and would reduce closing costs by $575.


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