NCUA official seal. Credit/NCUA
Haven Federal Credit Union of Santa Clara, Calif., has been granted a new federal charter and share insurance fund coverage, the NCUA said Monday.
“Haven Federal Credit Union has set a goal of helping members with a fundamental need: homeownership,” NCUA Chair Kyle Hauptman said in a prepared statement. “They plan partnerships with local organizations to provide members with financial literacy tools to help them realize their financial goals, including owning their own home. I applaud the organizers’ hard work and innovative thinking that resulted in their federal charter.”
The NCUA did not disclose the names of the organizers. The federal agency did not respond to CU Times’ deadline request for this information.
According to data from the U.S. Census Bureau and other organizations, home ownership in Santa Clara is 41.2%, much lower than California’s home ownership rate of 55.8% and the national rate of 65%.
The median value of owner-occupied homes is more than $1.5 million, according to the most recent American Community Survey, a continuous nationwide survey conducted by the U.S. Census Bureau, while the median household income is $173,670, Data USA reports.
Santa Clara’s economy is dominated by technology, semiconductors, data centers and professional services. Some of the city’s major employers are Intel Corporation, NVIDIA, Applied Materials, Oracle and Hewlett Packard Enterprise.
The Golden State has one of the lowest home-ownership rates among U.S. states, due in part to high housing costs, strong demand and urbanization, factors that make homeownership less accessible for many, according to the Public Policy Institute of California.
Haven FCU is a multiple common bond credit union, with a potential membership of more than 300,000. It will serve associational and occupational groups and people who live, work, worship, attend school in or have businesses located in an underserved community in the San Jose-San Francisco-Oakland area, according to the NCUA.
During the first year of operations, Haven FCU plans to offer its members savings products and lending services that will include residential mortgages, home-equity products, high-yield share accounts, share draft accounts and auto loans.
The federal agency did not say when the new credit union is expected to open its doors for business. As of Monday, Haven FCU’s listing on the NCUA’s website does not include a CEO or website address.
Haven FCU is the third federal credit union chartered this year.
The only other credit union based in Santa Clara is the $159 million Mission City Federal Credit Union, which serves 4,431 members, according to the NCUA’s list of credit unions.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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