September 25, 2015 (Roanoke, VA)—Freedom First will receive $1 million in secondary capital from the National Federation of Community Development Credit Unions. The funding comes from an investment of $10 million by Bank of America in the Federation’s Community Development Investing Program, a program that funds investments focused on helping low-income people and communities achieve financial independence through credit unions. Freedom First will use these funds to help ensure continued success of its Affordable Housing Program.
Launched in 2012, Freedom First’s Affordable Housing Program (AHP) offers non-conforming mortgages to consumers who have a non-traditional credit file or who fail to meet underwriting standards and would otherwise be denied traditional conforming loans. Freedom First is committed to placing deserving families in safe and affordable houses, and in 2014, the AHP mortgages totaled over $3.5 Million.
“We are proud of our long history of success in placing deserving families in safe and affordable houses,” said Paul Phillips, President and CEO of Freedom First. “With funding through programs like the Federation’s Community Development Investing Program, as well as coordinated efforts with our community partners, Freedom First will continue to be a driving force in serving the underserved in Southwestern Virginia.”
For information about Freedom First Credit Union’s business and community development initiatives, visit www.freedomfirst.com.