Lower East Side People’s Federal Credit Union in New York City recently celebrated its 40th anniversary. The institution is owned by the people it serves and has supported many of the housing cooperatives in the area. Profits are reinvested, lowering fees and interest rates on loans.
The Community Organizer’s Community Development Credit Union - PopularResistance.Org
Although you can find $8 matcha lattes and $25 cocktails there today, Manhattan’s Lower East Side remains a neighborhood covered in both public housing and limited-equity housing cooperatives. Those buildings are home to thousands of low-income residents — largely Hispanic or Asian, often immigrants — who have been quietly investing in their own vision of the neighborhood for decades. On a warm, muggy Saturday earlier this month, outside the headquarters of the Lower East Side People’s Federal Credit Union on East 3rd Street, those residents gathered for a block party.
popularresistance.org