Alabama Credit Union Granted Almost $2 Million to Work with Low-Income

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.