Mills 42 FCU Prepares Free Tax Returns for the Underserved

Mills42 Federal Credit Union of Lowell, Massachusetts, recently completed 300 free tax returns for city residents in low-income communities, as part of its five-year partnership with the IRS Volunteer Income Tax Assistance (VITA) program.

 Narey Ny, a credit union member service representative and five-year tax prep veteran, works with clients on their tax return. The program helps low- to moderate-income individuals, persons with disabilities, the elderly, and limited English speakers. The program is also available to Mills42 members who meet these and other federally mandated criteria.

 "Unlike the pop-up retail tax preparation sites that charge $400 and more for a simple return, we are happy to provide this service and alleviate that burden," said Mills42 CEO Carla Rasetta. "We are truly passionate about serving the Lowell's low-income community, which is why becoming a VITA site made perfect sense for us."

 The program is also a natural extension of the credit union philosophy of people helping people. "We want to help people on the road to financial stability that will eventually allow them to build solid financial futures for themselves and their children," Rasetta added.

 Founded in 1958 to serve the financial needs of employees at M/A-COM Technology Solutions in Lowell, the credit union changed its name in 2013 to Mills42 as a reflection of its growth and renewed commitment to the historic mill town community. Among its range of products and services, Mills42 offers fee-free deposit accounts and access to loans regardless of previous financial hardships.

 Today, Mills42 has nearly $20 million assets, 2,567 members with nine full- and part-time staff.