BEDMINSTER, N.J.-CUMAnet, the real estate credit union service organization (CUSO) here signed a deal with Fannie Mae that might help credit union members get mortgage loans. CUMAnet's 36 credit union clients, their sponsors and employees of their select employee groups can now take advantage of Fannie Mae's Employer Assisted Housing (EAH) initiative. The benefits include secured and unsecured loans, grants or gifts, matched savings, homebuyer education, interest rate buydowns and in-kind contributions. The assistance offered by such programs is just one more way employers can attract and keep qualified employees in an increasingly competitive labor market, said Ira Oskowsky, CUMAnet president. "Our fellow credit unions and the employers they work with directly will be able to provide their hardworking employees with a great housing benefit," Oskowsky related. "This will improve recruitment, decrease turnover and improve employee morale. "Fannie Mae expanded its EAH initiative as part of its recently announced $2 trillion "American Dream Commitment." The goal is to help 1,000 employers nationwide to establish an employer-assisted housing benefit by the end of the decade. John Fenton, president of Affinity FCU, CUMAnet's sponsor, lauded the housing outreach effort, saying it is essential to the growth and welfare of the community. "We look forward to helping make the dream of homeownership in New Jersey communities a reality," said Fenton. The initiative has also won the support and approval of members of congress, particularly Marge Roukema, (R), who issued a statement commending the effort. "The CUMAnet and Fannie Mae Employer Assisted Housing Initiative is an essential building block for creating vibrant neighborhoods in every area of New Jersey," said Roukema. "I hope more employers take CUMAnet's lead in launching these initiatives for New Jersey residents In a move to further expand its housing outreach efforts in the state of New Jersey, Fannie Mae invited Ostrowsky to join its New Jersey Partnership Office Advisory Board. The purpose of the board has been to strengthen ties with local lenders, nonprofits, real estate professionals, government agencies and corporate partners to further Fannie Mae's targeted lending objectives. The board consists of lender, housing, and corporate leaders whose objective is to identify opportunities and develop strategies to meet the housing and community development needs in their targeted area. The board meets three times a year and terms on the board range from one to three years. -
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