NEW YORK, NY - December 22, 2008 - (RealEstateRama) – Bill Myers, founder of the Alternatives Federal Credit Union, has been confirmed by the New York State Senate to become a member of the board of directors of the State of New York Mortgage Agency (SONYMA). SONYMA provides low-cost residential mortgages to first-time homeowners in New York State.”Bill brings first-hand experience as a lender committed to helping individuals and families become responsible borrowers and financially self-sufficient,” said Priscilla Almodovar, President and CEO of SONYMA. “His background will further SONYMA’s mission of promoting successful homeownership for working families. I look forward to his insight and contribution to our board.”
Mr. Myers said, “I am honored by Governor Paterson’s appointment to the SONYMA board and look forward to working with the Agency to broaden opportunity for homeownership in New York State, especially upstate. In these difficult economic times, SONYMA’s role in encouraging homeownership is more important than ever.”
Mr. Myers, who lives in Ithaca, New York, has devoted his career to helping those underserved by banking institutions become financially proficient. In 1979, he founded the Alternatives Federal Credit Union, a regional Community Development Financial Institution based in Ithaca that provides banking services for individuals and families of modest means.
The Alternatives Federal Credit Union initiated numerous programs aimed at building wealth and creating economic opportunity for underserved individuals and communities. Among the programs was the American Dream Demonstration that encourages homeownership. Under the program, foundations match the savings of low- and moderate-income members to create accounts that can be used for down payments to purchase homes.
Since his retirement from the credit union in 2007, Mr. Myers has been a Senior Fellow at the Aspen Institute’s Economic Opportunities Program and a consultant exploring ways to bring financial services to low-income individuals and families.
SONYMA was created in 1970 with the mission of helping low- and moderate-income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.
SONYMA Contact: Philip Lentz
Director of Communications
plentz (at) nyhomes (dot) org