Common Council approves resolution to find lender for HOME Program
With the consummated sale of the American Motors Community Credit Union (AMCCU) to TruStone Financial Federal Credit Union (TFFCU) on August 1st, it is the city’s hope that Truestone take over the administration of the loans through this program. AMCCU was also administering the loans through the Tax Incremental District (TID) Rehabilitation Loan Program. AMCCU was the administrator of both of these programs until it ran into financial difficulties.
At the Finance Committee meeting, Alderperson David Bogdala asked Frank Pacetti, the city administrator, if the mayor was in full support of this, and he said yes.
Not too long ago, twelve letters were sent out to determine which financial institution might be interested in taking over the administration of the loans. Only one reply was received. At the Common Council meeting, Bogdala said, “I can’t imagine banks in the city not wanting to be involved. This is guaranteed government money, a low risk for them, plus a commission. I encourage administration to engage a sponsor for this.”
One amendment was made to the resolution, and that was to change the name of the financial institution from AMCCU to TFFCU. Pacetti was requesting that the Finance Committee and the Common Council approve the amended resolution so that the city could proceed to negotiate an agreement. The goal is to get this accomplished within the next thirty days.
Alderperson G. John Ruffolo stressed the importance of these programs. “Fall is coming, and it’s important to have this program moving forward. We have people who have orders to have emergency repairs done on their homes, to get their roofs repaired, to get furnaces installed, etc., and we need to get these loans moving.”
The Finance Committee approved the resolution unanimously, and the Common Council approved it 14 to 1 (Alderperson Patrick Juliana was the sole dissenting voter).
Since its inception in 1939, the TruStone Financial Federal Credit Union has been serving its members in and around the Plymouth, Minnesota, area with exceptional financial products. Currently led by Tim Bosiacki, the TFFCU has grown its membership to over 59,047 with assets of more than $684,696,446. They have 154 full time employees and 13 part time employees, with a main office and 9 branch offices.
They are registered as a multiple group type credit union. This means that anyone associated with a group that is primarily related to education may be eligible to join.