By Michael Souza
PBN Staff Writer
WESTERLY - The Westerly Community Credit Union has received a $100,000 grant to help secure home ownership for low to moderate income households.
On Tuesday the bank announced it had been approved to participate in the Federal Home Loan Bank Equity Builder Program, which included the grant.
The $100,000 will be distributed by the credit union. Awards up to $10,000 per eligible family will be available on a first-come, first-served basis until the funds are exhausted.
Households earning 80 percent of the area median income are eligible for this program, equal to $59,600 according to 2011-2012 U.S. Dept. of Housing and Urban Development median income limit for Rhode Island counties.
In addition, WCCU is also offering $575 off closing costs, as well as low fixed interest rates for first time borrowers.
“This is an opportunity to help those who may not otherwise have the means to purchase a home and we are excited to be participating in this program," Michael Lynch, WCCU vice president of lending, said in prepared remarks.
Questions relating to program should be directed to the credit union at 401-596-7000.