HUNTSVILLE, Ala. – The $1.3 billion Redstone Federal Credit Union, based in Huntsville, has been granted a total of nearly $2 million from the Atlanta Federal Home Loan Bank to help finance its work with northern Alabama low-income housing. According to Gerald Toland, CEO of the credit union, the institution will use the money to finance two rehabilitation and refurbishing projects for subsidized low-income housing in the town of Arab, Alabama. A total of between 50 and 80 units will benefit from the grants, he said. “This may not get a lot of attention,” Toland noted, “but working with low-income housing is one of the ways credit unions can really make a difference in their low-income communities.” The credit union has already been using its own money in another community project in Huntsville, helping lower income buyers and renters afford to purchase their homes, for over two years, he said. The Federal Bank funds its Affordable Housing Program twice a year by dedicating 10% of its annual net income to helping with affordable housing, the Bank said. Last year the Bank reached a milestone when it financed its 1000th affordable housing project.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.