AFL-CIO Loan Program Hits Home
Extending an experimental initiative that helps workers afford their own homes and helps fund union pension plans, the AFL-CIO announced earlier this week that members of all its union affiliates will now be eligible to participate in the Hit Home program. The Hit Home program offers a wide range of mortgages including low- and zero-down-payment mortgages, and loans that help members of AFL-CIO unions shorten loan payback periods and decrease the amount of interest they have to pay by tying loan payments to their paychecks, and then packages the loans into securities that union pension funds invest in. The Hit Home program also offers AFL-CIO members free home appraisals, credit reports, and home-buyer education, a website with detailed information at www.hithome.org, and a toll-free informational hotline to English-Spanish bilingual loan officers at 1(866) HITHOME (448-4663).
See "AFL-CIO Loan Program Hits Home", LEW SICHELMAN, Newsday, February 6, 2003