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December 12, 2003

NCUA TO AFCU: DROP DEAD THEATRE PROFESSIONALS

National Credit Union Association Attempts To Put Kibosh On Actors' Federal Credit Union Yonkers Housing Project
AEA and AFCU Members Urged to Write to the NCUA Via www.actorsfcu.com

As many Equity and Actors Federal Credit Union members are aware, AFCU has been working for some time to address the chronic shortage of affordable housing for actors and other theatre professionals. For several years AFCU's mortgage program has met with an enthusiastic response at its now twice-yearly seminars, and every year a few more theatre professionals own the roof over their heads or start planning seriously to do so with AFCU's help.

This past year AFCU embarked on the next logical step - the Yonkers Housing Project, a first attempt to actually increase the supply of affordable housing by simply building a modest number of two- bedroom cooperative apartments and offering them first to AFCU members at very favorable prices.

Unfortunately, the regulatory body that oversees credit unions, the National Credit Union Administration, has now attempted to pull the plug on the project, for reasons that AFCU believes are surmountable. As they prepare to make their case, AFCU is asking all its members (and future members) to help educate the NCUA on the need for such housing among actors and all the other theatre professionals in and around New York.

Take a moment and e-mail or write to the NCUA Board members listed below. The sooner the NCUA can be educated by our membership (AEA's and AFCU's) about how the supply of affordable housing is dwindling and not being replaced, the more likely it is that they will find AFCU's argument persuasive. Any details from your own housing situation that help explain the need and that personalize a letter are good, and whether or not you have any interest in living in Yonkers, or in a co-op, the real point is that if AFCU is denied the opportunity to even attempt to help, who else ever will?

There is more information and a sample letter on AFCU's website www.actorsfcu.com, and a sample paragraph from AEA's official letter to the NCUA's Board: "We urge you, on behalf of all the present and future members of Actors' Equity and the AFCU, to fashion whatever waiver or other appropriate agreement will insure that the Yonkers Housing Project may successfully proceed, and perhaps inspire further, even better efforts."

Whether you drop off your letters at the AFCU (they'll mail them for you), mail them yourself, or email to the three addresses below, please send a copy to the AFCU at mservices@actorsfcu.net.

Mr. Dennis Dollar
Chairman, NCUA
1775 Duke Street
Alexandria, Va. 22314

cc: Ms. JoAnn Johnson
Ms. Deborah Matz
Email: ddollar@NCUA.gov, jjohnson@NCUA.gov, dmatz@NCUA.gov


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