WASHINGTON -- The Department of Housing and Urban Development has granted the National Credit Union Foundation $1 million for CUs to counsel low-income CU members about home ownership.
The $1 million grant for fiscal year 2006 is a 43% increase over last year's grant of $701,383. It's the fourth straight year NCUF has been approved for a HUD grant, the NCUF said.
NCUF will use its grant money to underwrite costs of low-income counseling programs offered by 23 credit unions, including eight credit unions new to the HUD program. Together, these credit unions will leverage their NCUF grants into more than $5.5 million to support counseling and affordable homeownership.