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Self-Help gets 2.5 million to ease foreclosures
DURHAM, N.C. (3/20/09)--Self-Help CU was awarded a $2.5 million grant Wednesday under a new federal program to help stem foreclosures. The grant is part of a Neighborhood Stabilization Program developed late last year by the U.S. Department of Housing and Urban Development. The program’s purpose is to assist areas hit hardest by the housing crisis. Self-Help’s grant was one of 20 in North Carolina announced Wednesday by Gov. Bev Perdue and awarded to local governments, nonprofits and other organizations in the state as part of the federal program. The Self-Help grant will fund two programs. One will provide provide low-interest loans to nonprofit and for-profit affordable housing developers to rehabilitate and purchase foreclosed properties. The other will allow the credit union to lend to members at or below 120% of area median income to help them purchase foreclosed properties. Self-Help, based in Durham, N.C., is a $333.4 million asset, community development credit union.
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