CDF Grant helps NYC Co-ops recover after Hurricane Sandy

WASHINGTON, DC (March 22, 2014) – The Cooperative Development Foundation Board of Directors approved a grant of $31,000 to repair four buildings severely damaged during Hurricane Sandy.  The properties are owned by the Urban Homesteading Assistance Board (UHAB), a cooperative development organization in New York City that promotes homeownership through affordable cooperative housing.

“UHAB is as thrilled as we are grateful for CDF’s assistance to affordable co-ops on NYC’s Lower East Side.  That neighborhood has a high concentration of low-income housing co-ops and several had their heat and electrical systems completely drowned by Hurricane Sandy.  CDF’s grants to these co-ops will help their reconstruction and, more importantly, help preserve their affordability so long-time community homeowners are not displaced,” said Mariana Metalios of UHAB.

CDF’s Co-op Disaster Recovery Fund helps co-ops and their members recover from disasters and promotes co-op enterprise in recovering areas.  This grant was made possible by a $10,000 donation from the National Cooperative Bank as well as donors at Amalgamated Housing in New York and individuals from across the country.

The Cooperative Development Foundation is a 501(c)(3) non-profit foundation headquartered in Washington, DC.  CDF’s mission is to promote community, economic and social development through cooperative enterprises.  (www.cdf.coop).