Celebrating International Credit Union Day: How we’re helping to build a brighter tomorrow in our community
Habitat for Humanity Camrose wins National Sustainable Funding Award for new home financing initiative in partnership with Vision Credit Union
Pictured: Trudy Iftody, Assistant Branch Manager, Vision Credit Union West End Branch and Cody McCarroll, Executive Director, Habitat for Humanity Camrose
"We’re grateful for the local cooperation of Vision Credit Union and thank them for their support of Habitat’s homeowners."
When we unlock the front door and step inside our homes, we enter our own little worlds. These walls contain our memories, they keep us sheltered from the elements and they’re a safe haven from everything else going on outside. From hearing laughter echo from the other room to quiet homework sessions at the kitchen table, home is where we truly live — it’s where our hearts are.
But for many in the Camrose community, the comfort and security of owning a home is beyond reach. And the cost of appropriate rental housing is a financial burden. In fact, 800 Camrose families are in need of affordable housing. That’s the equivalent of one family on every block. Those numbers include at least 500 local children, equaling the enrolment of one of the city’s largest schools.
Habitat for Humanity Camrose’s mission is to help families build strength, stability and independence through affordable home ownership. They’re working to lower those statistics. Last year, they found a way to double the number of local families accessing their services each year and they enlisted Vision Credit Union’s help to do it.
Over the years, Vision has supported a variety of Habitat Camrose initiatives, such as the annual Snow Golf tournament. So, when Habitat Camrose approached Vision with the idea of a new mortgage model that could help more people in our community, the Vision team couldn’t wait to get to work. “We understand the challenges that first-time homeowners face. We’ll always strive to provide assistance and look at new ways to expand the services available to our members,” says Steve Friend, CEO of Vision Credit Union.
The new mortgage model will allow four to six families per year access to affordable home ownership, in comparison to the previous two to three families served annually. Here’s how it works: qualified homeowners will receive their first mortgage through Vision and a second mortgage from Habitat Camrose. Sharing the financing increases the cash flow available to Habitat Camrose. And that means more new builds and the ability to buy back more homes from program graduates. All in all, that equals more roofs over more heads.
Because of this innovative new financing approach, Habitat Camrose received the Habitat Canada Sustainable Funding Award for 2020. This national award recognizes a Habitat affiliate that’s demonstrated excellence in increasing the resources available to help build more homes for local families.
“We’re grateful for the local cooperation of Vision Credit Union and thank them for their support of Habitat’s homeowners,” says Habitat Camrose Executive Director, Cody McCarroll. “These honours are shared with the staff and management of Vision, without whom we couldn't implement this new opportunity.”
Two community-minded organizations working towards building homes, and brighter futures, in Camrose.
About Habitat for Humanity Camrose
Habitat for Humanity Camrose builds decent, affordable homes in partnership with families and the community. In lieu of a down payment, partner families contribute 500 volunteer hours to the organization by helping build their own homes and well as homes for other families; and by helping with other Habitat fundraising functions like the ReStore. Habitat homes are currently available in Camrose to qualified partner families.
Do you know a family that could benefit from this life-changing opportunity?
Information and applications are available online at habitatcamrose.com.
International Credit Union Day is on October 21, 2021!
