SEATTLE – The GoWest Credit Union Association has published a statement outlining efforts by credit unions to help Americans achieve the dream of homeownership.
“Credit unions are tackling the housing crisis by offering innovative solutions that open doors to affordable housing and long-term stability – like 100% financing, eliminating down payments, waiving private mortgage insurance, low-interest loans, and more,” organization said. “Affordability issues have been caused by record high home prices and mortgage rates, and other rising costs like insurance premiums, property taxes, HOA fees and other quiet costs. Today, some estimates show the country is short about four-million homes.”
‘Should be Attainable’
“Home ownership should be attainable and realistic for everyone, and credit unions believe that,” Sharee Adkins, EVP & chief impact officer for the GoWest Credit Union Association, said in a statement. “Credit unions have a unique structure which makes all of this possible. We see people as people, not just money or an account number, it’s one of the many things that make credit unions different.”
Examples Cited
The GoWest Association cited examples of CU cooperation in boosting housing, including:
- In Tucson, five Tucson-based credit unions – Pima Federal Credit Union, Tucson Federal Credit Union, Vantage West Credit Union, Hughes Federal Credit Union, and Pyramid Federal Credit Union worked together to create the Tucson Welcome Home program, which provides 100% financing and eliminates down payments, private mortgage insurance and origination fees. “The program removes key barriers to homeownership for low- to moderate-income families and essential workers. So far, 35 loans have been made, helping 35 households in Southern Arizona achieve homeownership.”
- Five Washington credit unions — BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU — partnered with the Evergreen Impact Housing Fund (EIHF) and developer DevCo on the Astra housing development, bringing 275 affordable apartment units to working families in Renton, Wash. The opening of the Astra apartments on June 21 not only celebrated a step toward addressing and providing solutions for Washington state’s housing crisis, but it also celebrated the dedication and investment of credit unions serving and uplifting their communities, the association said.
- Verity’s Seattle partnership with HomeSight to bring the U-Lex, the region’s first Limited Equity Co-op affordable housing project, to life has been instrumental in combating the effects of historical redlining in Seattle’s Othello Square. In 1936, the area surrounding Othello Square was solidly in a yellow, or “Definitely Declining” area of southeast Seattle. The 1936 description of the Othello community was, “Very spotted residential district composed of people of various nationalities. No typical price range for residential improvements. Shacks to modern dwellings in this area. … Also has a transportation problem.” Today, Othello and the larger Southeast Seattle community are the most diverse areas of Seattle: 40 different ethnicities, 60 different languages, and a large population of low-to-moderate income families—84% of whom are immigrants and refugees.
