WASHINGTON–The total cost for renovating Credit Union House on Capitol Hill is $12..1-million, the chairman of the organization has confirmed.
Credit Union House—which is actually two townhouses adjacent to each other- is located near the capitol building and is used for meetings with members of Congress and their staff and for entertaining credit union delegations when in town, as well as other functions.
The $12.1-million figure was first reported by Punchbowl News, which covers Capitol Hill.
State credit union leagues have already raised half that figure–$6.05 million—according to Troy Stang, the president of the GoWest Credit Union Association who is chairman of Credit Union House. Others have also made contributions, including during America’s Credit Unions recent GAC, when the trade group said it was donating $2 million, and BECU in Washington and Redwood Credit Union in California each pledged $250,000 during GAC.
With the investment, America’s Credit Unions said it will have a voting seat on the Credit Union House board.
‘Obligation to Showcase’
“We feel an obligation to the industry to showcase and storytell the real Main Street America impact of credit unions, and spending 11 cents per credit union member seems well worth it,” said Stang in a statement to the Credit Union Daily.
Stang said the project is a modernization and an “endeavor beyond a physical renovation…It’s not just a townhouse; this is a historic event location. We are modernizing and elevating the epicenter of credit union advocacy in our nation’s capital.”
When the renovation is completed it will double the space available, helping to address situations when the building has been full, Stang said.
Stang said a quarter of the cost of modernizing the building, which opened in 2001, will go toward ensuring it remains ADA compliant, including moving and renovating the elevator, which does not currently go all the way to street level.
Stang said the funds will also go toward an updated HVAC system and new windows; exterior and structural repairs for both buildings; roof replacement, and stair relocation. The building also has catering facilities.
Portions of Building are Historic
Portions of Credit Union House include a historic building, which means additional costs.
The renovated Credit Union House will include what was described during GAC as a “speakeasy.” Stang said that represents a portion of the building with a historic press tin ceiling.
According to Stang, renovation is to begin around mid-June with the renovation scheduled to be finished in time for GAC in 2027.
Credit Union House was created after former CUNA CEO and former Florida congressman Dan Mica pushed for its creation based on Florida House on Capitol Hill.