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NEW ECONOMY PROJECT INC
NEW YORK, NY · EIN 133842270 · Form 990 · FY2024 · NTEE S31 · Community Improvement · Medium ($1M-$10M) · neweconomyproject.org
revenue
$5.5M
expenses
$2.5M
net assets
$11.8M
employees
17
volunteers
7
program ratio
81%
mission · from form 990

NEW ECONOMY PROJECT'S MISSION IS TO WORK WITH COMMUNITY GROUPS TO BUILD A JUST ECONOMY THAT WORKS FOR ALL, BY FOSTERING COOPERATIVE AND COMMUNITY-LED DEVELOPMENT AND CHALLENGING SYSTEMS THAT FUEL INEQUALITY AND POVERTY.

profile · synthesized from sources

New Economy Project works with community groups to build a just economy by advancing cooperative and community-led development in New York City and State. The organization combats economic inequality through advocacy, legal action, and community education, focusing on financial justice, affordable housing, and public banking. It supports worker cooperatives, community land trusts, and community solar projects through its loan fund.

named programs · 6 · from sources

What they call their work

Community Land Trusts for NYC (NYCCLI)
Convenes an alliance of community groups to establish and grow community land trusts, promoting permanently affordable housing and community control of land.
Impact Litigation
Engages in strategic litigation to challenge abusive financial practices, win reparative settlements, and establish new legal protections for low-income communities.
Know Your Rights
Produces and distributes legal education materials to help New Yorkers understand and assert their financial rights.
NYC Financial Justice Hotline
Provides free legal advice, information, and referrals to low-income New Yorkers and community groups on issues related to predatory lending, debt collection, and financial rights.
New Economy Loan Fund
Provides low- and no-interest loans to worker cooperatives, community land trusts, community solar projects, and other democratically controlled initiatives in New York City.
Public Bank NYC
Coalition advocating for the creation of a public bank in New York City to ensure public funds serve community needs.
activities · 10 groups

What they do

  • Pro Bono Legal Representation and Support 2 activities
    • Operating the NYC Financial Justice Hotline
      Provides free legal advice, information, and referrals to low-income New York City residents and community groups through a hotline that addresses issues such as abusive debt collection, fraudulent lending, credit reporting, and banking access. Communicates with individuals via text messaging about their inquiries.
    • Providing one-on-one legal assistance and legal services
      Offers free legal services and one-on-one legal assistance to low-income New Yorkers affected by financial and economic injustice, including defense of economic rights and support in navigating systemic inequities.
  • Policy Advocacy & Research 1 activity
    • Advancing policy advocacy through coalition building
      Co-founds, convenes, and organizes coalitions such as Public Bank NYC, NYCCLI (New York City Community Land Initiative), and the NYS Community Equity Agenda to advocate for public banking, community land control, permanently affordable housing, and state-level community wealth building. Also led the New Yorkers for Responsible Lending coalition to pass strong anti-predatory lending laws.
  • Civil Rights Advocacy & Litigation 1 activity
    • Conducting impact litigation
      Engages in strategic impact litigation to repair financial harms, overturn harmful policies and practices (such as abusive debt collection by the NYC Transit Authority), establish new legal protections, and advance economic justice for low-income communities.
  • Urban Policy and Equity Research 1 activity
    • Conducting research and producing policy publications
      Produces research reports, policy proposals, short films, explainer videos (including the "New Yorkers Speak Out" series), and mapping tools to identify threats to economic justice, support community-driven solutions, and help community groups plan alternative economic models.
  • Financial Literacy Education Programs 1 activity
    • Delivering community education and workshops
      Conducts community workshops and delivers educational curricula, including the Community Financial Literacy & Justice curriculum, to help New Yorkers understand systemic injustice, develop solutions, and combine financial rights education with organizing. The curriculum has been adopted by hundreds of organizations across the U.S.
  • Flexible Grants to Grassroots Organizations 1 activity
    • Funding community-controlled development through loan programs
      Funds community-controlled development by deploying low- and no-interest loans and catalytic capital through the New Economy Loan Fund. Has provided over $2.6 million in financing to support worker-owned businesses, community land trusts, community solar projects, living wage jobs, and permanently affordable housing in New York City.
  • Legal Education Scholarships and Fellowships 1 activity
    • Hosting post-graduate legal fellowships
      Runs post-graduate legal fellowship programs to build capacity in economic justice lawyering and support emerging legal professionals.
  • Public Access to Digital and Physical Library Collections 1 activity
    • Maintaining public legal resources and libraries
      Operates a library of legal resources to help New Yorkers understand and assert their financial and economic rights, including multilingual pro se materials on financial justice issues.
  • Industry Advocacy and Regulatory Engagement 1 activity
    • Submitting public comments and issuing official statements
      Submits public comments on proposed laws and regulations and issues official statements and news advisories on matters related to economic justice and the new economy.
  • Uncategorized 3 activities
    • Launching targeted public education and legal outreach projects
      Launched the fair housing project using a federal HUD grant to educate thousands of New Yorkers about predatory mortgage lending and connect them with free legal assistance.
    • Operating historical loan and grant funds
      Ran the NYC DREAMer Loan Fund (2012–2017), providing 0% interest loans and rapid-response grants to nearly 1,000 DACA applicants, and the NYC Foreclosure Prevention Gap Loan Fund (2008–2013), which helped hundreds of low-income New Yorkers avoid foreclosure and preserve over $20 million in home equity. Also launched the NYC Foreclosure Prevention Loan Program, assisting 400 households.
    • Organizing campaigns in partnership with community institutions
      Organized the Financial Freedom Campaign in collaboration with the Central Brooklyn Federal Credit Union to strengthen a growing Black-owned credit union.
financials · form 990 · fy2024
revenue
Total revenue$5.48M
Contributions & grants$4.87M89%
Program service revenue$360K7%
Investment income$246K4%
Other revenue$6K
expenses
Total expenses$2.50M
Program expenses81%
Admin / overhead11%
Fundraising8%
Salaries & benefits$1.93M
Grants paid out$115K
Largest expense lineCompensation
balance sheet
Total assets$12.05M
Cash$6.46M
Investments$1.50M
Liabilities$269K
Net assets$11.78M
Liquid reserves38.1 mo
6 years on record · 2019–2024 · YoY revenue +41.0%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 5
NameTitleHours/wkCompensation
DEYANIRA DEL RIO Executive Dir. 40 $192K
SUSAN SHIN LEGAL DIRECTOR 40 $184K
ANDY MORRISON ASSOCIATE DIR. 40 $147K
GRACE CHUNG DEVELOPMENT DIR. 40 $144K
MATT WILDEY OPERATION MANAGER 40 $118K
board members · 10
  • AKILAH BROWNE — Treasurer
  • AZADEH KHALILI — President
  • BRENDAN MARTIN — BOARD-DEC 2024
  • ERICA GONZALEZ — BOARD MEMBER
  • GOWRI KRISHNA — BOARD MEMBER
  • JENNIFER CHING — Vice President
  • KRISHNA OMOLADE — BOARD MEMBER
  • LINDA LEVY — BOARD MEMBER
  • MICHAEL PARTIS — BOARD MEMBER
  • SHABNAM FARUKI — Secretary
relationships · 22

Who they work with

  • Brooklyn Cooperative Federal Credit Union Partner — Co-launched the DACA loan fund to support immigrant New Yorkers.
  • Central Brooklyn Federal Credit Union Partner — Partnered to organize the Financial Freedom Campaign supporting a Black-owned credit union.
  • Community and legal services groups Partner — Operated the NYC DREAMer Loan Fund in partnership with community and legal services groups.
  • Community development credit unions Partner — Partnered with two community development credit unions to operate the NYC DREAMer Loan Fund.
  • Consumer Groups Partner — Collaborates with consumer groups to advocate for earned wage access legislation.
  • FJC Partner — Co-launched the NYC Foreclosure Prevention Loan Program.
  • Grace Chung Partner — Development Director at New Economy Project Inc.
  • Lower East Side People’s Federal Credit Union Partner — Co-launched the NYC Foreclosure Prevention Loan Program and DACA loan fund.
  • NYC Government — Worked with NYC agencies to replicate and expand the NYC Foreclosure Prevention Gap Loan Fund model.
  • NYC Community Land Initiative Coalition — Co-founded and convenes the coalition to advance community land trusts in New York City.
  • NYC Community Land Initiative (NYCCLI) Coalition — Co-founded and collaborates with NYCCLI to promote community land trusts and advance the Community Land Act.
  • NYCCLI Coalition — Co-founded and convened by New Economy Project Inc to advocate for community control of land and permanently affordable housing.
  • NYS Community Equity Agenda Coalition — Launched the NYS Community Equity Agenda coalition to advance community wealth-building statewide.
  • NYS Community Equity Agenda Coalition — Organizes the statewide coalition to advance financial justice and community wealth building in New York State.
  • NYS agencies Government — Worked with NYS agencies to replicate and expand the NYC Foreclosure Prevention Gap Loan Fund model.
  • New York State Attorney General Government — Regulatory and reporting relationship for charitable financial disclosures in New York State.
  • New Yorkers for Responsible Lending (NYRL) Coalition — Founded and led the NYRL coalition to combat predatory lending and foreclosures.
  • Picture the Homeless Partner — Co-founded the NYC Community Land Initiative to expand community land trusts in New York City.
  • Public Bank NYC Coalition — Convened by New Economy Project Inc to advocate for a public bank in New York City.
  • Public Bank NYC Coalition — Convenes the coalition advocating for a public bank in New York City.
  • Public Bank NYC Coalition — Launched the Public Bank NYC coalition to advocate for public banking reform.
  • community groups Partner — Collaborates with community groups to advance democratically controlled economic initiatives and build collective wealth.
strategies · 5

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Catalytic and Community-Controlled Financing
    methodology: catalytic_capital
    By deploying catalytic capital, program-related investments, and low-interest loans through mission-aligned partnerships, we increase access to patient capital because affordable, flexible financing enables community-controlled development that prioritizes equity over profit.
  • Coalition-Based Advocacy for Structural Change
    methodology: coalition-based_advocacy
    By building alliances with community organizations and consumer groups, we counter corporate influence and advance policies like earned wage access and public banking because collective power amplifies marginalized voices and shifts policy outcomes.
  • Community-Led Economic Development
    methodology: community-led_development
    By supporting democratically controlled economic models like cooperatives, community land trusts, and public banking, we build collective community wealth and power because community ownership shifts control from extractive systems to local stewardship.
  • Participatory Research and Planning
    methodology: participatory_mapping
    By using participatory mapping and community-driven research, we expose economic inequities and co-develop solutions because inclusive data and planning processes ensure that interventions reflect lived experience and local priorities.
  • Systemic Legal Empowerment
    methodology: legal_empowerment
    By combining direct legal services, impact litigation, and legal education, we advance economic justice because empowering individuals with legal tools and setting binding precedents disrupts systemic financial exploitation and enables self-advocacy.