Credit Where it’s Due
Finding financial services can be difficult in low-income communities. Seen as unprofitable places to do business, many such communities have been left with no banks, supermarkets or other basic business entities to serve the needs of residents. Community economic development is critical to combating the effects of poverty in these areas.
DLA Piper serves as general counsel to the Northern California Urban Development Corporation (NCUDC), a nonprofit organization that promotes economic self-improvement for the Silicon Valley, in real estate, employment and insurance matters. In 2006 and 2007, we worked to bring a credit union to East Palo Alto, something residents had fought to establish since the last bank withdrew from the community in the 1980s. The new Community Credit Union opened its doors in December 2007.