Homesteaders Federal Credit Union

New York NY


Chartered in 1987, Homesteaders Federal Credit Union (HFCU) provides affordable financial services to the 26,000 households in low-income, limited-equity housing cooperatives throughout New York City.

CDFI Awards for Homesteaders Federal Credit Union


CORE (2002) - $430,000

The Fund"s financial assistance of $400,000.00 and technical assistance of $30,000.00, will enable HFCU to expand it loan products and services, especially affordable housing loan products to its target market.



SECA (2001) - $62,000

HFCU has been awarded a $62,000 Technical Assistance award to purchase an ATM machine and installation, a security system, phone system, four computers and electronic bill paying system. The credit union expects that the award will increase its efficiencies in providing services and in turn increase its loan to asset ratio, self-sufficiency, and community impact. The applicant requests and has been approved for TA above the $50,000 because relocation is a critical step in its ability to serve members and grow and the TA will expedite its evolution into a full service credit union.



SECA (1999) - $35,000

The technical assistance grant will be used to expand its ability to help tenants become homeowners through strengthening its ability to make real estate loans and increase its technical assistance to those borrowers and potential borrowers.

CORE (1999) - $200,000

The Fund"s $200,000 award (150,000 capital grant and $50,000 technical assistance grant) will help HFCU increase its lending and financial services to its low-income members.



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