In partnership with the Northwest Credit Union Foundation and the Meyer Memorial Trust, credit unions have come together to pilot a loan program to address the rising costs of housing in the Portland area.
The State of Oregon has been struggling through a housing crisis. A growing population, strong economy, and limited housing supply have inflated rental prices, leaving few options for the financially vulnerable. The need to come up with a large security deposit and two months' rent can be a hurdle for many single or low-income households, often resulting in the reliance on high-interest-rate loans to make ends meet.
We acknowledge this issue and have partnered with other credit unions to offer a pilot program aimed at bridging the financial gap. We now offer short-term financing for assistance with security deposits in addition to first and last months rent.