Earlier this month, the NC General Assembly approved $1.5-million in funding for Latino and Generations Community Credit Union. The credit unions will use the funding to provide mortgage assistance to low-income North Carolinians.

On July 10, Governor Mike Easley signed the state's budget, which contained the $1.5-million provision.

Both credit unions have been lauded for helping lower income North Carolinians realize the dream of home ownership. In June, Latino CCU received the statewide Louise Herring Award for Philosophy in Action for promoting home ownership among its members. Meanwhile, Generations CCU has actively worked to provide home ownership opportunities to its membership (see League-written story).

Latino CCU Chairman John Herrera says that promoting home ownership provides a needed boost to North Carolina communities. “Owning a home helps build stable communities, providing economic security to North Carolinians,” Herrera says. Herrera added, “Economic stability helps develop business entrepreneurs.” 

The League wrote a letter of support to state legislators in the spring. In the letter, NCCUL President John Radebaugh remarked to the Legislators, "The investment will open doors of opportunity for thousands of working families across North Carolina. In addition to providing greater access to affordable financial services, bilingual financial counseling, and financial education programs, this initiative will reduce the victimization vulnerable populations often experience at the hands of unscrupulous lenders."

“Home ownership creates individual and community wealth,” says Alison Yonas, Latino CCU's director of financial management. “Home ownership can even affect educational achievement. Children who grow in an owned home are more likely to graduate from high school and to attend college. “