Grant Details
| Project Lead | Paul Woodruff |
|---|---|
| Program Area | Wealth Building & Protection |
| Amount | $3,574,225 |
| Year Awarded | |
| Duration | 3 years |
| Summary |
St. Louis Community Credit Union (SLCCU) is a not-for-profit financial cooperative that provides residents of the St. Louis region with affordable and accessible financial services and products. SLCCU is partnering with The FAM (a nonprofit focused on homeownership for Black families), Habitat for Humanity Saint Louis, Rise Community Development (a nonprofit dedicated to affordable housing), Carrollton Bank, and the St. Joseph Housing Initiative (a faith-based nonprofit focused on affordable housing) to expand homebuying opportunities for low- and moderate-income households in the St. Louis area. This initiative aims to facilitate access to mortgage products by piloting a blended 80/20 financing model that will help homebuyers avoid primary mortgage insurance (PMI) and build equity more quickly. JSMF’s investment will support the pilot program in helping at least 250 homebuyers make purchases. |