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Affordable Housing

We've all heard the headlines of soaring housing prices which have outpaced the rise in income, increasing mortgage rates and a shortage of affordable housing options. As mission-driven organizations, credit unions must determine how tackling the housing issue in their communities fits into their current social impact strategies.

Why it matters

For credit unions, it's time to rethink the mortgage business!

Many Americans are being outpriced in the current housing market. On top of that, we have a chronic shortage for affordable housing in most U.S. cities. According to the National Low Income Housing Coalition, on a national scale, “only 36 affordable and available rental homes exist for every 100 extremely low-income renter households.” Housing shortage aside, the mortgage business is often a scale business, with many credit unions not having enough deposits to fund the home loans for their members. We also continue to see an increase in alternative financing options within the marketplace, driving higher competition. 

If your credit union is looking to prioritize improving the housing well-being within the communities you serve through social impact we invite you to explore the many resources that Filene has on this critical issue. 

Research in this topic

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  • Report #601 | Members
    Affordable Housing

    Five Lessons for Creating a Housing Impact Fund

    As mission-driven financial services providers deeply embedded in the communities they serve, credit unions are well-positioned to be key players in building partnerships and developing creative solutions to improve affordable housing. Below are 5 key lessons for successfully creating a housing impact fund. The Evergreen Impact Housing Fund, a collaborative effort to finance projects and increase capacity for affordable housing development, is one example that provides scalable strategies.

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