Federation to Serve as Intermediary for CUs Applying for Housing Counseling Grants
(March 27, 2008 - Washington, DC ) – Credit unions seeking federal grants to provide housing counseling can now apply through the National Federation of Community Development Credit Unions (Federation). Upon request by the National Credit Union Foundation (NCUF), the Federation was approved this week as a federal housing counseling intermediary by the U.S. Department of Housing and Urban Development (HUD).
This HUD certification authorizes the Federation to take on the role that the Foundation has played since 2003.
“Over the past five years, the Foundation has attracted more than $3.2 million in HUD grants for credit unions,” said NCUF Executive Director Steve Delfin. “Overall, community development credit unions demonstrated the most success meeting HUD’s criteria. So last year we included the Federation in our final HUD grant. Having worked closely with the Federation to help credit unions implement this grant, we are confident that they are well positioned to take on our role as HUD intermediary.”
“We’re grateful to the Foundation for introducing HUD to credit unions and to the Federation,” said Federation President/CEO Cliff Rosenthal. “Housing counseling is a crucial service to help consumers avoid the current mortgage crisis and potential foreclosures, and credit unions have an incredible opportunity to aid millions of Americans facing these problems.”
“The Federation has the expertise and capacity to help credit unions become even more effective as housing counseling agents,” explained Rosenthal. “And we are committed to providing a seamless transition for all credit unions participating in the current HUD grant. Expanding our capacity in this area will also enhance the impact of our CDCU Mortgage Center, LLC, and our Affordable Mortgage Secondary Market, so it’s really a natural fit for us,” he added.
The Federation’s CU Breakthrough™ consulting team will continue working with NCUF to provide technical assistance and training to HUD-certified credit unions during the last six months of HUD’s 2007 grant cycle, which extends through Sept. 30, 2008. Twenty-two credit unions are using this final HUD grant from NCUF to provide housing counseling for potential first-time homebuyers.
In the meantime, Federation Senior Consultant Terry Ratigan is coordinating the 2008 HUD Housing Counseling grant application on behalf of the Federation and all current participating counselors. Credit union applications are due on April 13 for the new grant cycle that begins on Oct. 1.
For additional information on the new HUD grant application, credit unions should contact Terry Ratigan at (212) 809-1850, ext. 251, or at email@example.com.
Other members of the HUD application team include:
• Brenda Weaver, director of the Federation’s CDCU Mortgage Center, LLC;
• Mark Lynch, technical assistance consultant to NCUF;
• Deirdre Silverman, director of community programs at Alternatives FCU; and
• Maureen Garrity, independent consultant.