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50 Families to become Homeowners, Thanks to Collaboration between El Paso Affordable Housing CUSO, HUD, Three El Paso CUs
Friday, January 10, 2014 7:00 AM

el_paso_cuso.jpg

With a grant from the Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP) and the support of three local credit unions, the El Paso Affordable Housing CUSO will help 50 families become homeowners.

According to Luis Caballero, family asset development manager with the CUSO, the CUSO received a grant of approximately $2 million from HUD. Caballero says the funds will be used to provide qualified homebuyers with up to $26,500 in down payment assistance, as well as up to 3 percent toward closing cost.

“HUD issued these grants to various organizations around country in an effort to re-stabilize communities affected by housing collapse,” explains Caballero.

The CUSO has partnered with a local developer to build 50 new homes, and Caballero says they’ve just completed 10 of the 50. FirstLight FCU, GECU and OneSource FCU were selected as the preferred lenders for the program. All three of the credit unions have received the Cornerstone Credit Union League’s Juntos Avanzamos designation. 

Crystal Long, president and CEO of GECU (pictured from right); Bob Peterson, president and CEO of OneSource FCU; Rick Puspejovsky, mortgage lending manager with FirstLight FCU, and Larry Garcia, president of the CUSO attended a ribbon cutting ceremony Wednesday for one of the 10 homes that was just completed. Alicia Ward with the El Paso Chamber of Commerce was also there for the ribbon cutting.

In order to purchase one of these 50 homes, Caballero says qualifying homebuyers must first attend an NSP orientation, as well as the CUSO’s eight-hour financial education and homeownership readiness workshop.

“We don’t want to just help families get into homes, we want to make sure they are able to stay in their home,” notes Caballero.