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2011 Assistance and Program Expansion
Coast Guard members and their families faced various economic challenges in 2011, including high unemployment, a declining housing market, and increased costs of living. CGMA recognized these hardships by expanding existing programs and introducing new avenues to assist our members.
CGMA Closing Cost Program
In 2011, Coast Guard Mutual Assistance expanded the eligibility of the existing closing cost program. Now available to all CGMA clients, this interest free loan of up to $6,000 can help members, who are purchasing a home, with closing costs. Additionally, those selling their house at a loss or members who wish to refinance their home mortgage to obtain lower interest rates and monthly payments are also eligible for this loan to help pay settlement charges.
New Adoption Loan
New in 2012, all CGMA clients who are incurring expenses related to the legal adoption of a child are eligible to receive up to a $6,000 needbased interest free loan. These expenses can include adoption and legal fees, court costs, home inspection costs, and travel expenses. This will be an immense help for clients who do not have all of the funds necessary to proceed with the adoption process.
New Education Loan
To better meet the needs of those earning college degrees or attending vocational technical training schools, CGMA implemented a new education loan program. The new loan provides up to $2,000 interestfree for tuition and other educational expenses not covered by funds from other sources. This new initiative replaced two existing loans that were more restrictive and rarely used. In 2011, over $210,000 of assistance provided 131 education loans.
Baby Layettes
CGMA’s “Welcome Baby Package” is now offered to all clients who just had or adopted an infant. Valued at over $70, the layette contains a receiving blanket, crib sheets, clothes and other items for a newborn child along with some helpful health and parenting information from the March of Dimes. Last year 35% more layettes were provided to Coast Guard families.
