About HDFCs

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 income restrictions to buy these units are placed 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.

LES People’s provides personalized service and expertise in New York City HDFC laws and codes.

Eligibility 

Any HDFC building in New York City is eligible to become an HDFC member of the Credit Union and participate in our HDFC Lending and Services Program.

Account Requirements

An HDFC Share (Savings) Account requires:

  • Annual Account Service Fee (charged on July 31) - $5.00

  • Minimum deposit required/value of one share - $25.00

  • Minimum balance to avoid Monthly Maintenance Fee - $75.00

  • Monthly Maintenance Fee of $3 for accounts with combined balance below $75.00

An HDFC Share Draft (Checking) Account requires:

  • Initial deposit required - $50.00

  • No Monthly Maintenance Fee

  • No minimum balance required

  • Unlimited check transactions

Required Documents to Open an Account

  • Completed Business Application Package

  • HDFC Certificate of Incorporation

  • Employer Identification Number (EIN) from IRS

  • Proof of HDFC Address

  • Minutes from staff/board meeting acknowledging account opening, signers and/or changes to account/signers.

Personal Information of Account Officers/Owners

  • A valid government picture ID such as Driver’s License, State issued ID, Passport, NYC ID, Consular ID, or Benefit card

  • Present a most recent proof of address such as a utility bill, pay stub, voter ID or a notarized letter of residence.

See our current Fee Schedule.

Contact one of our Member Service Representatives if you have additional questions at (212) 529-8197, or (718) 554-4544 or by emailing lespfcu@lespfcu.org.