Numerica Creates Affordable Home Loan Program for Low-Income Households
Posted by Katy Wagnon on January 22, 2024
To assist low-income families and address Spokane’s housing crisis, Numerica Credit Union and Village Cohousing Works partnered to create an innovative and affordable loan program for manufactured homes.
Village Cohousing Works helps provide affordable, permanent housing to low-income households. The nonprofit’s first 10 homes are slated to be placed in Takesa Village, a resident-owned manufactured home community in North Spokane.
“Village Cohousing Works is so grateful to Numerica for imagining a new way of lending that is truly equitable,” said Sarah Olson, Village Cohousing Works Executive Director. “First-time homebuyers with limited incomes are stuck between expensive, conventional homes and affordable manufactured homes that come with steep interest rates. We hope this program can be a model for more accessible loan options throughout Spokane.”
The first of its kind, Numerica’s manufactured home loan program created lower interest rates and shorter terms for buyers.
“Numerica collaborates through programs like this to help children and families in our communities,” said Carla Cicero, Numerica President and CEO. “Having a home to provide safety and stability is critical for the health of every family. This belief drove our team to work tirelessly to make these types of loans available. We are excited that we have this program in place and we believe it now has potential for an even broader impact.”
Learn more about Takesa Village at villagehousingworksspokane.org. Learn more about Numerica at numericacu.com.