LMCU Board Approves $12 Million Commitment to Improve Access to Home Ownership
Multi-year commitment strengthens support for successful HomeAssist Program
Grand Rapids, MI (August 13, 2025) – Lake Michigan Credit Union (LMCU), Michigan’s largest credit union, today announced that its Board of Directors has approved a $12 million multi-year commitment to improve borrowing opportunities for under-resourced residents across Michigan.
The commitment includes more than $2 million in 2025 for LMCU’s HomeAssist Downpayment Program, which launched in August 2024 with an initial $1 million in funding to provide economically under-resourced borrowers access to funds that can be used towards a downpayment and closing costs on their first home. Since its launch, HomeAssist has helped more than 180 first-time homebuyers achieve homeownership with a grant of $10,000 or more and has played an important role in helping close the homeownership gap for under-resourced households. As the first $1.9 million of assistance has already been fully deployed or reserved, LMCU is excited to significantly expand its support and extend its commitment.
“At a time when buying a first home has become even more challenging, we’re proud to expand our investment in creating more homeownership and providing even greater support to first-time buyers,” said LMCU President & CEO Julie Leonard. “As one of the largest mortgage lenders in the state, we believe we have a responsibility to expand access to mortgage financing and make a positive impact in the neighborhoods we serve. The HomeAssist program is one of many ways we’re investing in our members and our communities.”In addition to the $12 million investment in its own programs, LMCU is providing a $2 million donation to the Fair Housing Center of West Michigan, a non-profit organization that works to increase homeownership through education, advocacy and outreach here in West Michigan and across the state.
The announced $12 million investment builds on LMCU’s ongoing broader efforts to expand homeownership through community-based mortgage officers, proprietary lending products like HomePlus, and financial education programs that support homebuyer readiness. Since 2022, LMCU has originated more than $45 million in home loans under its 0% down payment HomePlus program, hosted more than 60 first-time homebuyer seminars, and partnered with numerous local nonprofits.
“Expanding our work and investment to address homeownership rates and access to capital in under-resourced c...