How Dow Credit Union and Habitat for Humanity Secured $60k for Homeowners in Need

Dow Credit Union and Midland County Habitat for Humanity have secured almost $60,000 in grants on behalf of eight local homeowners through collaborative efforts.

"Every time we partner with Habitat for Humanity, we accomplish great things together," Dow Credit Union CEO Michael Goad said. "With that said, this has been one of our most impactful projects yet."

The grants were issued by the Federal Home Loan Bank of Indianapolis, in which Dow Credit Union is a member. Under the Federal Home Loan Bank Act, institutions like the FHLBI are asked to help "meet the credit needs of communities in which they do business," resulting in numerous financial assistance programs for the public. The FHLBI utilizes its more localized member institutions to source potential beneficiaries and apply for support on their behalf.

Midland County Habitat for Humanity identified seven households qualified for the FHLBI’s Neighborhood Impact Program, which assists low-to-moderate-income homeowners with critical home repairs. Several applied to receive new roofs, which have grown increasingly costly in recent years.

They also identified a candidate who qualified for the Accessibility Modification Program, a grant that funds renovations to better accommodate a homeowner's unique physical needs.

Applicants for either fund must meet specific income requirements and may receive a maximum of $10,000, depending on the work proposed.

“Oftentimes, homeowners are overwhelmed with the thought of hiring a contractor, do not have the knowledge to fix the needed repairs on their own, or simply cannot afford the repair,” Jennifer Chappel, president of Midland County Habitat for Humanity, said. “We firmly believe everyone has the right to safe, decent, affordable housing and are thankful for partners like Dow Credit Union that work to improve housing in our community.”

In May, Midland County Habitat for Humanity’s homeowner services manager, Katty Owens, worked with the professionals in the credit union's mortgage department on the applications. Department manager Kris Brozzo and loan officers Nikole Reece, Lisa Hartley and Sean Haney submitted detailed proposals outlining the eight qualifying homeowners’ specific circumstances. The applications were then reviewed by the FHLBI.

"It was a pleasure to work together with Midland County Habitat for Humanity and submit the grant applications," Brozzo said. "Seeing how our efforts are making such an immediate and positive difference in our community is very rewarding."

With the final grant approved, the various projects will commence this month and are projected to conclude by the end of August. On completion, Dow Credit Union will be required to inspect the work and report project success back to the FHLBI.

"Giving your time is often more meaningful than simply writing a check, and we were glad to pledge ours in support of eight deserving homeowners," said Goad.