East River Development Alliance (ERDA) Founder and President Bishop Mitchell G. Taylor joins New York City Housing Authority (NYCHA) Chairman, John B. Rhea and Ravenswood Houses resident, Theresa Jackson as they proudly display their ERDA Federal Credit Union membership cards, that state “I own it!”
Chairman Rhea and Ms. Jackson were among the first customers to open new savings accounts during the April 26th grand opening of the first credit union to be chartered in New York City in ten years, and the first new credit union to open in Queens in 30 years. The ERDA Federal Credit Union will primarily serve NYCHA residents from Western Queens, including residents of Astoria, Queensbridge, Ravenswood and Woodside Houses. Queensbridge Houses alone- is the largest public housing development in the country- with 3,147 apartments serving a total population of 6,731.
In addition to offering residents basic financial services to save and borrow, the ERDA Federal Credit Union, a cooperative financial institution, will give its members ownership stake. “This is a door opener for me,” said Ms. Jackson. “I'm looking to open a new salon and this may work in my advantage.”
The credit union is located across from Queensbridge Houses at 13-03B 40th Avenue in Long Island City, and will serve approximately 323,000 low-income residents in the area of Western Queens. ERDA is a non-profit organization whose mission is to transform and improve New York City public housing neighborhoods by providing residents with the tools and opportunities necessary for self-sufficiency and economic mobility.
By Heidi Morales
April 26, 2010