a CDFI working with low-income residents in Bedford-Stuy and Bushwick
Gentrification is a huge problem in many urban areas, but neighborhoods with particularly expensive and limited housing may be at greater risk from suffering from its effects. In New York City, one of the most expensive housing markets in the world, many residents are being priced out of the only neighborhoods within city limits that they can afford to live in. Low-income neighborhoods, many whose residents used to be mostly Black, have been flooded by middle-class white residents hoping to save on rent, and followed by big businesses hoping to capitalize on the cheap real estate. As property values increase, people who have lived in these neighborhoods all their lives are being priced out of their homes.
Although only policy can truly combat gentrification, it also helps to have essential products and services in these neighborhoods that are still accessible to low-income residents. Brooklyn Cooperative Federal Credit Union was formed in 2001 to help provide financial services to low-income residents in Brooklyn. They’re certified as an LICU, MCU, and CDFI, and it’s clear that they are committed to communities neglected by mainstream banking institutions.
Brooklyn Coop FCU has two full-service locations in Central Brooklyn, specifically in Bedford-Stuyvesant and Bushwick. Anyone living or working in these neighborhoods is eligible for membership. In order to service the needs of residents in this area, they’ve developed a range of flexible checking, savings and loan products, which you can read more about on their website. They aim to make their services as accessible as possible, being extremely transparent about their fees and keeping their services as affordable as possible. They even operate six days a week to better assist their members.
We discovered this Better Banking Option when compiling a list of all the Latinx-majority credit unions in the United States, and it was definitely a standout on this very long list. When you look up Brooklyn in our search engine, Brooklyn Cooperative FCU is fifth on the geography-based list, especially impressive considering the huge number of banking options in the area. They do a considerable amount of quality lending, and on their website they say they “specialize in small business loans, small personal loans and mortgages to first-time homebuyers.” These are life-changing kinds of loans, especially to low-income residents attempting to survive in gentrifying neighborhoods.
Moving your money to a Better Banking Option can make a huge difference in our world, especially when moving that money from a mega bank. We’d recommend Brooklyn Cooperative FCU to anyone living or working in Bedford-Stuy and Bushwick, especially those looking to get capital into the hands of low-income and POC residents in these areas. Check out their website or one of their branches to get started today.