Homesteaders Federal opens Central Harlem branch

Real Estate Weekly, March 12, 2003

Homesteaders Federal Credit Union celebrated the opening of its new Central Harlem branch on Jan. 31 at a ribbon-cutting and grand opening ceremony. The branch, which is located at 2052 Adam Clayton Powell, Jr. Boulevard, is the first full-service credit union branch to serve Central Harlem.

Trina Heizman, branch manager and CEO for Homesteaders Federal Credit Union, told the crowd of well-wishers that Homesteaders was created in 1987 to make mortgage loans to low- and moderate-income Housing Development Fund Corporation (HDFC) co-op owners who were living in buildings that had been abandoned and taken over by the city. At that time, banks would not make mortgage loans to tenants in these buildings so that they could buy their apartments and improve the buildings.

In the 1990's, Homesteaders was designated a Community Development Financial Institution (CDFI) by the U.S. Treasury Department, and a grant from the CDFI Fund made the branch and move to Harlem possible, Heizman said.

"We have three goals for our new Central Harlem branch," Heizman said. "First, we will provide affordable financial services to underserved New Yorkers, specifically low income and middle income individuals and families, undocumented persons, and small businesses. Second, we will promote savings. And, third, we will provide financial education to individuals, organizations, and small businesses."

Michael Palma, chairman of the Homesteaders board and a member of Community Board 9, said, "We've experienced two years of hard effort to make this day possible. We serve 700 members in this area alone, so it made a lot of sense to move up here. It is really a momentous occasion for us."