Peoples Advantage Federal Credit Union Awarded CDFI ERP Grant
Petersburg, VA, April 10, 2023 - Peoples Advantage Federal Credit Union (PAFCU) received $6.1 million in CDFI Equitable Recovery Program (CDFI ERP) funding by the U.S. Department of Treasury on Monday. Peoples Advantage was one of 11 organizations that received funding in the state of Virginia.
This funding was made available for Community Development Financial Institutions (CDFIs) to strengthen their ability to help low- moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity. Treasury is investing a total of $1.73 billion in CDFIs nationwide through this program. These institutions will be using the funds to expand loans and other resources to borrowers. Peoples Advantage plans to use the funds to offer downpayment assistance grants to first time homebuyers as part of their Affordable Homeownership Program- up to $15,000 per homeowner. The PAFCU Affordable Homeownership Program offers loans to individuals earning up to 100% of the Area Median Income, buying in an eligible CDFI community and with credit scores as low as 580 upon completion of a financial education course.
“We believe homeownership is one of the top wealth-building tools in America. Affordable homeownership continues to be a challenge across the country. This program will help our members buy their first home, thereby creating housing stability and generational wealth for our communities,” said Amanda Habansky, Peoples Advantage Federal Credit Union CEO.
Peoples Advantage is a certified Community Development Credit Union (CDFI) headquartered in Petersburg, VA. Members of PAFCU benefit from an entire suite of products created to establish and rebuild credit. These include Free Financial Coaching, Reliable Rides auto loans, Affordable Homeownership Products, Fresh Start Checking Accounts, Micro Business Loans and Payday Alternative solutions. Financial Education is a key component to all the products and services delivered by the credit union.
Financial Education, alongside product accessibility, is a key part of the PAFCU strategy to build wealth in the communities it serves.
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