Nonprofit gave away record $1 million in grants this year through its Dream Makers program
January 29, 2014, WASHINGTON — The Pentagon Federal Credit Union Foundation (PenFed Foundation), a nationally recognized nonprofit organization working to meet the unmet financial needs of military members and their families, announced today it helped more than 200 military families across 39 states last year alone attain the dream of owning their first home through its Dream Makers program by providing a record-breaking $1 million in grants to cover down payments and closing costs.
“Many families struggle to buy their first home, but for military families it can be even harder,” said Christopher Flynn, president and CEO of the PenFed Foundation. “From frequent moves around the country and overseas to trouble saving money for a down payment, members of our armed services often have to postpone this important milestone. Our Dream Makers program helps bridge that gap.”
The program helps military families who are first-time homebuyers purchase their first home by offering grants for down payments and closing costs. Service members and veterans of all branches of the military are eligible to apply including the Department of Homeland Security and the Department of Defense. Widows of service members are also eligible.
Other requirements include having a gross annual income of $55,000 or less, or 80 percent of area median income, adjusted for family size. In order to receive a grant, the borrower must also attend an approved first-time homebuyer’s course by the U.S. Department of Housing and Urban Development.
“The Dream Makers program provides an incredible opportunity for many military families who have sacrificed so much to protect our nation to buy their very own home,” added Flynn. “There are so many ways we can thank the military community for their service and sacrifice and this program is one of the best.”
To learn more about the PenFed Foundation’s Dream Makers program and apply online visit: http://www.penfedfoundation.org/dream_index.
About the Pentagon Federal Credit Union Foundation (the PenFed Foundation) The PenFed Foundation is a nationally recognized nonprofit organization working to meet the unmet financial needs of military members and their families through supporting wounded warriors and providing the military community with financial management assistance and home ownership aid. Through a unique public-private partnership, the PenFed Foundation joined with the Department of Veterans Affairs to fund the new Lee and Penny Anderson Defenders Lodge, a $17 million project. PenFed (Pentagon Federal Credit Union) covers all labor expenses for the foundation so nearly every dollar donated goes directly to supporting its programs.
To make a donation or learn more about the foundation visit: http://www.penfedfoundation.org.