Housing doesn't have to be a dream deferred, Credit Unions are making it possible

Credit Unions collaborate on housing solutions, not typical among the traditional banking industry

SEATTLE, Sept. 23, 2025 /PRNewswire/ -- Credit Unions across the nation are stepping up to help Americans achieve the dream of homeownership. Credit unions are tackling the housing crisis by offering innovative solutions that open doors to affordable housing and long-term stability – like 100% financing, eliminating down payments, waiving private mortgage insurance, low-interest loans, and more.

The U.S. housing crisis has been unfolding for more than two decades, fueled by a long-term shortage of homes and worsened by the 2008 financial crash. Affordability issues have been caused by record high home prices and mortgage rates, and other rising costs like insurance premiums, property taxes, HOA fees and other quiet costs. Today, some estimates show the country is short about 4 million homes. The COVID-19 pandemic added new pressures by driving up rents, raising building costs through supply and labor shortages, and higher interest rates that pushed the typical monthly mortgage payment up nearly 60% between 2020 and 2023. Additional factors, like natural disasters and investors buying housing stock, have further tightened the market.

"Home ownership should be attainable and realistic for everyone, and credit unions believe that," said Sharee Adkins, EVP & Chief Impact Officer for GoWest Credit Union Association. "Credit unions have a unique structure which makes all of this possible. We see people as people, not just money or an account number, it's one of the many things that make credit unions different."

Credit unions across the U.S. have created innovative programs and opportunities to address the housing crisis, and collaborate in ways that set them apart from traditional banking. By joining forces across regions, they deliver innovative housing solutions that would not be possible alone. This cooperative model ensures resources go further.

In Tucson, five Tucson-based credit unions – Pima Federal Credit Union, Tucson Federal Credit Union, Vantage West Credit Union, Hughes Federal Credit Union, and Pyramid Federal Credit Union worked together to create the Tucson Welcome Home program, which provides 100% financing and eliminates down payments, private mortgage insurance and origination fees. The program removes key barriers to homeownership for low- to moderate-income families and essential workers. So far, 35 loans have been made, helping 35 households in Southern Arizona achieve homeownership.

"The positive ripple effects of addressing housing insecurity can't be overstated and will benefit Tucson and the surrounding community for years to come," Dustin Powell, CEO of Pyramid Federal Credit Union shared. "These types of collaborative initiatives truly highlight the impact credit unions have in the communities they serve."

Five Washington credit unions — BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU — partnered with the Evergreen Impact Housing Fund (EIHF) and developer DevCo on the Astra housing development, bringing 275 affordable apartment units to working families in Renton, Wash.

The opening of the Astra apartments on June 21 not only celebrated a step toward addressing and providing solutions for Washington state's housing crisis, but it also celebrated the dedication and investment of credit unions serving and uplifting their communities.

"Credit unions are innovators and collaborators — we see this time and again," shared WSECU VP of Public Relations, Ann Flannigan. "These attributes help us advance creative solutions to things like the region's affordable housing challenges. None of us can move the needle alone, but together, we are finding ways to make progress."

Verity's Seattle partnership with HomeSight to bring the U-Lex, the region's first Limited Equity Co-op affordable housing project, to life has been instrumental in combating the effects of historical redlining in Seattle's Othello Square. In 1936, the area surrounding Othello Square was solidly in a yellow, or "Definitely Declining" area of southeast Seattle. The 1936 description of the Othello community was, "Very spotted residential district composed of people of various nationalities. No typical price range for residential improvements. Shacks to modern dwellings in this area. … Also has a transportation problem."

Today, Othello and the larger Southeast Seattle community are the most diverse areas of Seattle: 40 different ethnicities, 60 different languages, and a large population of low-to-moderate income families—84% of whom are immigrants and refugees. There is great joy and celebration, a richness of community and relationship that exists despite the historical, long-term impacts of redlining. HomeSight's U-Lex project provides assistance for nearly 100 families and individuals to stay within their community, school districts and jobs.

"We're so proud to support this project, offering an affordable co-op housing solution that celebrates the Othello community and people and will stay affordable for years to come," said Chief Lending Officer Paul Barenfus.

This is just a snapshot of the work credit unions are doing that are focused on people, not profits.

About GoWest Credit Union Association

GoWest Credit Union Association is the trade association representing credit unions in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming. GoWest advocates on behalf of nearly 300-member credit unions, and their 17.4 million consumer members

Contact:
Madlynn Schreibvogel, Vice President, Public Relations
303.513.3765
[email protected]

SOURCE GoWest Credit Union Association