$25,000 Awardee – Community Impact
Syracuse Cooperative Federal Credit Union, based in Syracuse, N.Y., was awarded the Community Impact prize for countering payday and predatory lending while growing city-wide. Since 1982, Syracuse Cooperative Federal Credit Union has invested more than $65 million in low-income urban neighborhoods, fostering first-time homeownership for low-to moderate-income borrowers and increasing the availability of affordable housing. In the past two years, this outstanding CDFI has made nearly 100 payday-alternative loans, lent more than $2 million in predatory-alternative mortgages and provided housing and credit counseling to 300 low-income individuals. Started by visionary community activists and now a city-wide institution valued at $14 million in assets, Cooperative Federal is a true leader in Community Impact.