Lawyers Alliance helps nonprofits that train and place people in jobs, increase financial literacy and economic independence, attract lending and investment, and promote community vitality and stability in all five boroughs.
Clients include community loan funds, low-income federal credit unions, community development corporations, workforce development groups, business improvement districts and community revitalization organizations, faith-based groups, nonprofits involved in for-profit business ventures, and other economic opportunity organizations.
Brooklyn Cooperative Federal Credit Union (Brooklyn Coop) delivers just and affordable financial services to the low-income neighborhoods of Central Brooklyn. Current membership includes approximately 6,500 individuals, 12 percent of whom report never before having a bank account. Faced with regulatory challenges associated with purchasing outright the building it leased, Brooklyn Coop sought guidance regarding alternative ownership and financial structures to enable it to remain in its space. With legal assistance from Lawyers Alliance and pro bono counsel at DLA Piper LLP (US), Brooklyn Coop developed an understanding of potential purchase capital-raising options and amended its lease to provide for an option to purchase the property at a fixed price, thereby mitigating the risk of being forced out of the neighborhood it serves due to rising real estate costs.
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