Numerica Credit Union holds inaugural open house for new housing program

To help address Spokane’s housing crisis, Numerica Credit Union created a new type of loan to make homeownership more attainable for low-income individuals.

To offer the new financing option, Numerica will partner with Village Cohousing Works, a Spokane-based non-profit that helps provide affordable, permanent housing to low-income households, according to Numerica press release.

The new loan will feature lower interest rates and shorter terms, according to the release.

The first 10 homes financed with the loan type are to be placed in Takesa Village, a resident-owned community in Mead. Village Cohousing Works will host the first open house of the properties today at noon. For more information, visit www.villagecohousingworkdsspokane.org

Sarah Olson, executive director of the non-profit, said the loan offers an innovative lending method to make home-ownership more equitable.

“First-time homebuyers with limited incomes are stuck between expensive, conventional homes and affordable, manufactured homes that come with steep interest rates,” she said. “We hope this program can be a model for more accessible loan options throughout Spokane.”

Carla Cicero, Numerica president and CEO, said the loan program could have an immense effect on children and families in Spokane.

“Having a home to provide safety and stability is critical for the health of every family,” she said. “We have this program in place and we believe it now has potential for an even broader impact.”