LOANS 4 LOTS!
UNIVERSITY OF NEW ORLEANS FEDERAL CREDIT UNION NOW OFFERING LOANS FOR PURCHASING ADJACENT LOTS THROUGH CIVICSOURCE
ST BERNARD PARISH – The University of New Orleans Federal Credit Union (UNOFCU), working in conjunction with Sold on St. Bernard, will now be offering loans to St. Bernard Parish residents who wish to acquire adjudicated parcels adjacent to their property. The adjudicated properties will be purchased through CivicSource, a private company that partners with St. Bernard Parish and other local governments in order to handle tax sale auctions.
Before this program, the Department of Community Development has been unable to provide recommendations for financing options when residents expressed interest in these adjudicated parcels. The “Loans for Lots” program is an exciting solution for bridging this gap. The value of land in St. Bernard Parish has been increasing steadily over the last few years, so the program provides current residents with an exclusive opportunity to build wealth through acquiring assets in their own community.
The “Loans for Lots” program extends a loan for as much as $5,000 to eligible residents for the purpose of buying a vacant lot that lies adjacent to a property that they own. The loan requires a down payment of only $850 and offers borrowers a choice between 3- or 5-year payment plans Both plans finance at 5.25% APR. Certain borrowers will be eligible for up to $2,000 in loan forgiveness*.
Residents who are curious about their eligibility for this program should contact the UNOFCU by emailing email@example.com, or by visiting the credit union’s Chalmette branch (located at 8201 W. Judge Perez Drive). The SBPG Department of Community Development is proud to be facilitating this exciting opportunity for Parish residents to become community stakeholders in St. Bernard’s future.
*At this time, the loan forgiveness feature can only be extended to the first 20 applicants who qualify.