HDFC-ERP Grant

HDFC | ERP Loans with up to $100,000 grant

Our HDFC | ERP Loan Program at LES People’s FCU is designed to assist housing cooperatives (HDFCs) by providing access to credit for capital improvements, repairs, refinancing, and other purposes, along with immediate financial relief through a generous grant. 

1st Step – Loan Qualification 

COOP|HDFC Loans are up to $1,000,000. Higher amounts can be arranged in partnership with other credit unions. 

To proceed with the loan, your COOP | HDFC must: 

• Be an HDFC member of LES People's FCU

• Apply for a COOP|HDFC Housing Loan

• Be located in the CDFI ERP Geographical Area

2nd Step – Grant Qualification  

The grant amount is calculated as 20% of the loan amount, up to a maximum of $100,000. 

To obtain the grant, your COOP | HDFC must: 

• Have a reserve account of at least $300 per building unit 

• Be able to document financial hardship 

Grant disbursements will be scheduled at or after loan closing. 

Note that grants will be reported as income for your corporation, so please consult with your accountant regarding fiscal implications. 

Ready to apply for the HDFC|ERP Loan + Grant Program?  

 To start the application and receive guidance through the process, please contact us at lending@lespfcu.org or call 212-529-8197. This program has been made possible through the CDFI Equitable Recovery Program.