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 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.

For many throughout New York City, LESPFCU’s loans have been the catalyst to make the dream of home-ownership a reality.


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