Brooklyn Cooperative Federal Credit Union
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Grow Brooklyn

 

Grow Brooklyn is a not-for-profit organization and an affiliate of Brooklyn Cooperative Federal Credit Union, a community development credit union serving the low-income communities of Bushwick and Bedford Stuyvesant.  Grow Brooklyn provides a range of technical and development services (including foreclosure prevention counseling, homeownership counseling,and free tax preparation) that enhance access to financial services among the most underserved. The two organizations work together to fulfill the mission of furthering economic development in their communities by enabling families to build assets and secure their economic footing. Grow Brooklyn has a 501(c)3 designation and an independent board of directors.

 

Programs

VITA Free Tax Preparation Program:  Grow Brooklyn was the second largest Volunteer Income Tax Assistance (VITA) preparer in Brooklyn in 2009, having completed almost 2,800 returns, with $4.5 million in refunds, integrating the $ave NYC matched savings program, benefits screening, and Medicare referral.  Grow Brooklyn will prepare 4,000 free tax returns in 2011.  Click here for more info.

Foreclosure Prevention:  Grow Brooklyn’s Foreclosure Prevention Program offers one-on-one counseling to homeowners facing difficulties keeping up with their mortgage. Our primary goal is to avoid foreclosure by negotiating a modification of the borrower’s mortgage to terms that are sustainable over the life of the loan. Since January of 2009, Grow Brooklyn has secured permanent modifications for more than 30 homeowners with several dozen more in process, saving an aggregate $30,000 per month due to better loan terms. The program currently manages an active workload of about 75 cases and has reached over 270 homeowners through outreach since the program began.  Click here for more info.

Homeownership Education:  Grow Brooklyn’s Home Ownership program consists of homebuyer education, individual homeownership counseling sessions, and access to down payment and closing cost assistance.  The program has helped more than 150 clients each year to realize their dreams to own a home over the past four years.  Currently, this program is suspended due to funding limitations.  We hope to restore the program as soon as funds are restored.