Report from Meeting Last Weekend

Thanks for supporting us in your thoughts and prayers last weekend. By all accounts the meeting with CTCU went well, thanks to all who played a vital role, especially Stu Fisher (Addison Ave. CU), Keith Troup (Stanford Federal CU), Katie Fantin and Jenni Ingram.

The group we presented to, in their CEO's words was "unanimously in favor of proceeding." This means the next step will be to present, discuss and hopefully approve the Memo of Understanding (MOU) we are drafting with the credit union attorney. I want to pause and thank God that this vital step has been taken.

There are still more hurdles to jump in the coming weeks, please keep up the prayers, good will and thoughts!

I truly appreciate all of your support. We're getting closer to realizing the dream of fostering financial independence and empowerment to East Palo Alto and eastern Menlo Park.

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PageMill, Wells Fargo and Sam Zell

Dear Friends, Normal.dotm 0 0 1 888 5066 Northern California Urban Development 42 10 6221 12.0 0 false 18 pt 18 pt 0 0 false false false As many of you know we've been in discussion recently with Wells Fargo and Equity Residential, the proposed buyers of the former Pagemill Properties on the west side of East Palo Alto. As an East Palo Alto resident and leader I view this issue, and how Wells Fargo handles this important portfolio as a milestone event for our community and it’s residents. First, a little background (from my perspective): A few years ago over 80% of East Palo Alto's multi family housing stock was purchased piece by piece by a predator equity group, Pagemill Properties. After the purchase Pagemill began systematically dismantling our rent control ordinances and aggressively evicting working class families. The community was in shock. However, the Pagemill group went bankrupt in 2009 and lost the property to Wachovia,...

Non Profit Payday Loans?

Here's a recent New York Times article sent to me from Katie at NCHM on payday lending. I know that the NCUD / CTCU-EPA partnership is going to have to create the right program addressing the needs for short term lending for low income families. We don't have the answers yet, but it's definitely on our radar. APPLETON, Wis. — This city of 70,000 has five McDonald’s franchises, three Pizza Huts, four Starbucks shops — and 19 payday loan stores, brightly lighted storefronts with names like EZ Money and Check Into Cash that offer two-week loans without credit checks. Peggy Truckey, 53, knows the allure. Last year she owed nearly $1,300 to four of those stores, and was paying about $600 a month in finance fees alone. “I thought I was going to have to take a second job just to pay off the interest,” Ms. Truckey said. Then she heard about a new nonprofit program operated out of a Goodwill thrift store, one of several hundred lower-cost payday loan products that are now bein...

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