Programs
Did you know?
Like a bank, a credit union is federally insured and regulated.
HDFC & Real Estate
In the 1970s hundreds of city-owned buildings in the neighborhood were abandoned by private landlords and later converted to Housing Development Fund Corporations (HDFCs). Since then, home ownership for low- and moderate-income people throughout New York City has been primarily in the form of HDFCs or limited-equity cooperatives (co-ops), where sales prices are restricted in order to maintain affordability. But despite the affordability of this housing, many low and moderate income people in the area lack the access to credit and information necessary to be able to become home-owners.
To help fill the gap between opportunities throughout New York City and the financing and information needed to attain home-ownership, LESPFCU’s Co-op Lending Program offers loans to members and conducts Home-Ownership seminars to help people prepare for their goals.
The LESPFCU also offers loans to buildings themselves (the corporations) for maintenance, repairs, and even insurance premiums.
LESPFCU offers:
- Individual and corporation loans
- Affordable rates and accessible terms
- Fast application process
- Personalized service
- Knowledge about New York City HDFC law and codes
- Improve the existing terms and conditions of your mortgage
- Make building-wide improvements with a Co-op Corporation loan
For many throughout New York City, LESPFCU’s loans have been the catalyst to make the dream of home-ownership a reality.
Also, your Co-op or HDFC can be pre-qualified for loans by meeting with our HDFC/ Business Loan Officer – Alfonsina Morel at (212) 529.8197 Ext. 15. With pre-qualification, your building will be treated as an “LESPFCU preferred borrower” which gives you, and fellow share holders, access to a faster loan process.
