Model Credit Union Housing Proposal

In accordance with the Strategic Plan, the CUMRU department, through its consultants and staff, completed the proposal for a Model Credit Union Housing Programme. Several credit unions participated in the formation of this proposal through the efforts of a Technical Team formed for this purpose.

Under the terms of the proposal, the central mechanism through which funds will be directed will be the Central Finance Facility. By partnering with the Ministry of Housing and other agencies, the “Mortgage Arm”, the CFF, will manage a revolving fund on behalf of the Credit Union Movement. This will in turn be made available to the credit unions to fund mortgages.

Driving this initiative is the Credit Union Movement’s commitment to human development. As people institutions that deal in finance rather than financial institutions that deal with people, the proposal also recommends the introduction of a component designed to enhance self-esteem, financial discipline and financial self-sufficiency and entrepreneurial skills..