MADISON, Wis. (4/11/13)--Credit unions in Massachusetts and South Dakota received Federal Home Loan Bank (FHLB) grants to assist with redevelopment projects in their local communities.
For the second consecutive year, Leominster (Mass.) CU received a $150,000 grant through the FHLB's Equity Builder Program, said the Massachusetts Credit Union League (Values and Visions March 29).
To qualify, buyers must meet Equity Builder Program qualifications criteria, which include income limits.
"For many first time buyers, this assistance means the difference between whether or not they can fulfill their dream of becoming homeowners," said Brenda Bujnevicie, Leominster CU vice president of real estate operation. "This year, the additional funds and the increase from $10,000 to $15,000 maximum per applicant, means we can help even more first time homebuyers than we did last year."
Sentinel FCU, Box Elder, S.D., received a $120,000 grant that will partially fund the NeighborWorks Dakota Home Resources owner-occupied rehab project in the western part of the state.
NeighborWorks Dakota Home Resources has seen a cut in funding during the past year, but an increase in client needs--especially those living in manufactured housing. The grant will help fill a gap in funding.
The grant was a portion of the $2 million in new funding the FHLB Des Moines granted through its affordable housing program.