FIRST-TIME HOME BUYERS.

>> COOPERATIVE FEDERAL DIFFERENTIATES ITSELF FROM OTHER CREDIT UNIONS.

ALL CREDIT UNIONS ARE COOPERATIVES OWNED BY THEIR MEMBERS.

WE ARE WHAT IS CALLED A LOW INCOME DESIGNATED FEDERAL CREDIT UNION AND ALSO A COMMUNITY DEVELOPMENT FEDERAL CREDIT UNION.

WE ARE DIFFERENT IN THAT WE HAVE A PARTICULAR FOCUS ON INVESTING IN AND BEING LED BY COMMUNITIES THAT HAVE HISTORICALLY BEEN LEFT OUT OF ECONOMIC PARTICIPATION THROUGH LACK OF ACCESS TO CAPITAL.

FIRST OF ALL, WE LOCATE OUR BRANCHES IN LOW INCOME COMMUNITIES AND WE STAY THERE.

WE HAVE ESTABLISHED A FOOTPRINT IN THE CITY OF SYRACUSE IN FOUR STRATEGIC AREAS.

THOSE BRANCHES ARE SYRACUSE HOUSING AUTHORITY.

SO WE HAVE A BRANCH AT THE SOUTHWEST COMMUNITY CENTER.

WE HAVE A BRAWRCH ON THE NORTH SIDE ON NORTH SALINA STREET AND WE HAVE ONE HERE AT ERIE WHICH WE ACTUALLY MOVED FROM WESCOTT STREET HAD BECOME A HIGHER COMMUNITY NEIGHBORHOOD.

THINGS HAVE GOTTEN BETTER SO WE HAVE MOVED TO A LOWER INCOME AREA OF THE EAST SIDE.

COOPERATIVE FEDERAL OFFERS A VARIETY OF DIFFERENT FINANCIAL COUNSELING AND FIRST TIME HOME BUYING.

FIRST ONE IS FINANCIAL COUNSELING, ONE ON ONE FINANCIAL COUNCIL COUNSELING AROUND THE GOAL OF HOME OWNERSHIP.

WORKING TO IMPROVE CREDIT, REDUCE DEBT, INCREASE SAVINGS AND HELPING FOLKS CHOOSE AFFORDABLE, CHOOSE AND USE AFFORDABLE ACCOUNTS, CHECKING ACCOUNTS, SAVINGS ACCOUNTS, UNDERSTAND FEES.

THE HOME BUYER DREAM PROGRAM IS A GRANT THAT IS PROVIDED BY THE FEDERAL HOME LOAN BANK OF NEW YORK AND THERE ARE MANY LENDERS THAT PARTICIPATE IN THAT, COOPERATIVE FEDERAL IS ONE OF THEM.

THIS YEAR FOR THE FIRST TIME LENDERS COULD GIVE UP TO $20,000 IN GRANT FORMAT.

COOPERATIVE FEDERAL CHOSE TO DO $15,000 PER HOUSEHOLD SO WE COULD DO MORE OF THEM BECAUSE WE FELT $15,000 WAS A GOOD NUMBER FOR THE PRICE OF HOUSE THAT MANY OF OUR BORROWERS GOT.

ONCE YOU TAKE THE COURSE AND YOU GET THE CERTIFICATE AND YOU FIND A HOME AND PUT IN THE OFFER AND IT'S ACCEPTED, THEN WHEN YOU GO TO CLOSING, $15,000 CHECK COMES TO THE CLOSING AND YOU DON'T HAVE TO PAY IT BACK AS LONG AS YOU LIVE IN THE HOME FOR FIVE YEARS.

FOR HOME LOANS ALONE, IN 2023 WE DID 6.3 MILLION, 60% OF THE LOANS WERE TO PEOPLE OF COLOR AND 58 WERE FIRST TIME HOMEBUYERS.

OVER THE LAST FIVE YEARS, IT IS ABOUT $34 MILLION IN TOTAL LOANS, OUR FIVE-YEAR TOTAL IS 74% OF OUR HOME LOANS WERE TO FIRST TIME HOMEBUYERS.

THE VAST MAJORITY OF THE FOLKS THAT WE SERVE IN THE LOAN, THE LENDING DOLLARS WE PUT OUT THE DOLLAR ARE GOING INTO THE HANDS OF THE PEOPLE THAT NEED IT THE MOST.

COOPERATIVE FEDERAL IS A LENDING INSTITUTION AND WE ARE A COUNSELING INSTITUTION.

WE ARE GOING TO BE OUT THERE WORKING WITH FOLKS GETTING THEM READY TO TAKE THE NEXT STEP IN WHATEVER THE NEXT STEP IS IN LIFE.

BUT IF THAT NEXT STEP IS HOME OWNERSHIP, AND WE ARE NOT BUILDING ENOUGH HOMES OR EVEN JUST IN GENERAL BUILDING ENOUGH HOUSING, IF THERE IS NO HOMES FOR US TO LEND MONEY FOR PEOPLE TO BUY THAT THEY CAN AFFORD, THEN THAT'S A BIG PROBLEM AND