Jesus and Rosalie
Sanchez, Local Homeowners
I n August 2000, Rosalie and Jesus
Sanchez became the proud owners of a lovely one-bedroom
cooperative apartment in Washington Heights.
The purchase of this home was an event to be
celebrated, since the Sanchez family was one of the first to
receive a mortgage loan from Neighborhood Trust Federal Credit
Union (NTFCU) through our new mortgage lending program.
The couple was introduced to NTFCU’s
services by Eduardo Suarez, a long time friend who has been a
member of Neighborhood Trust’s credit committee for three
years.
Both Rosalie and Jesus are first-generation
immigrants from the Dominican Republic, eager to continue their
families' tradition of owning their own home. After living in Washington
Heights for seven years, the Sanchezes finally made the decision to purchase a
home just one year ago. This, however,
did not mean that the couple was confident in their own ability to
purchase an apartment. In fact, Rosalie states that
despite their parents’ examples, the couple’s “lack of
understanding of the [mortgage] process" intimidated them,
and prevented them from moving forward on the purchasing
process.
After shopping around, the Sanchezes
realized that many commercial banks were hesitant to make loans
for cooperative purchases. Moreover, they soon learned
that Washington Heights co-ops
are considered to be particularly risky investments.
The Sanchezes had gained little knowledge
of the mortgage process in their research with banks, and had
grown even more discouraged about their ability to secure a home
in the neighborhood. After talking with Mr. Suarez, the couple
was excited to learn that NTFCU actually concentrates
on cooperative mortgages.
The couple soon met with NTFCU's lending
officer, who talked them through the entire
process, explaining in detail how NTFCU conducts its review
of mortgage applications. Soon after, the couple submitted a
formal mortgage application to the credit union.
The Sanchez’s were very pleased with the
services they received. “The staff at NTFCU were personable
and offered a tailored approach to our needs. I felt
comfortable just picking up the phone and calling whenever
I had a question. It was nice to know who to
call! We didn’t feel like we were dealing with a
bureaucratic system. Also, Neighborhood Trust provides truly
affordable rates. It felt good to be investing in our
neighborhood institution!”
Milton Balcacer, Local Entrepreneur
Twenty-eight
years ago, when
Milton Balcacer first arrived in Washington Heights from the
Dominican Republic, the young medical student had no idea that he would find
himself in a classroom setting nearly thirty years later.
After having practiced medicine and returned
once to school to study liberal arts; after raising a family and
founding an all-male church group; and after opening two small
businesses, Mr. Balcacer is once again a student.
This time, he is a participant in CWCID’s Entrepreneur Training program. The
12-session course is currently being taught in Spanish and
English, and
covers topics that are fundamental to any business owner’s
survival.
A real-estate broker and owner
of a small antique furniture/used book store, Milton is taking the
course because running a business is something that he says he
never studied.
“There are many things we take for granted
about businesses, even if we have experience running them. For
instance, I never knew that there were so many ways to access
credit. I didn’t know how to keep books. We have made things up as
we go along, never knowing that there are easier, more logical
ways.”
More important, Mr. Balcacer says that the
Entrepreneur Training Program benefits the community because it
provides participants the networking opportunities that are
integral to doing business.
"I don't have a lot of money--
that's not my ambition. To have the resources to take care of
my family, and to help my community is what is important to
me. I started the course with intentions of buying a
commercial building, and leasing space to local businesses.
Through this training, I have not only gained the skills to go
about making this venture a success, but I also found possible
partners and tenants.”
Mr. Balcacer’s experience demonstrates the
success of CWCID’s financial literacy curriculum. Upon
completing the Entrepreneur Training Series, Mr. Balcacer met with attorneys at Chadbourne & Parke to
get pro bono assistance with his plans to buy and lease commercial
buildings.
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