Richmond Hill, Queens – Chair of the Council’s Economic Development Committee Karen Koslowitz and Council Member Ruben Wills, along with community leaders announced today that they will make it a priority to educate residents, banks and pertinent government officials of the issue that the Richmond Hill area of Queens is underserved in regards to banking, with the goal of creating a Banking Development District (BDD). Through its BDD program, the state encourages a new bank to open in a designated area by offering such incentives as reduced property tax levies and low cost deposits from state and municipal governments.

Enacted in 1998, the BDD program has opened 39 branches as of June 2010, with 26 of those located in New York City. From 2005 until February 2010, the BDD branches opened 61,750 bank accounts and issued 6,672 loans totaling $538.9 million to underbanked and underserved populations statewide. The last BDD bank to open in Queens was in 2006 in Long Island City and was rapidly approved by the New York State Banking Department due to the enthusiastic support from Queens County officials and community leaders.

“The need for a BBD in Richmond Hill is great,” said Council Member Karen Koslowitz. “The investments that a bank will bring to the community are evident in other areas where BBD’s have been successful. We in government need to do all that we can to assist our hard working communities during these incredibly difficult economic times. In order to come out of this crisis in a fair manner, everyone needs to benefit, not just those who already have the means to do so. I look forward to working with Council Member Wills as well as my other colleagues in government to make this happen for the residents and businesses in Richmond Hill.”

“My district should have fair and equal access to banking and other financial services like the rest of the city,” said Council Member Wills. “Instead of allowing another ‘too big to fail’ financial group to blossom, it is in the best interest of the state to incentivize the process to promote economic development, home ownership and business development options in working class and lower income communities. Moreover, in my district where Payday Loan and Check Cashing establishments are common, and service costs inflated, the introduction of this initiative will promote financial growth throughout the district where the concentration of banks is grossly deficient.”

“I applaud the effort to bring a BBD to the community of Richmond Hill and look forward to working with City Council members Karen Koslowitz and Ruben Wills, along with our Borough Board to make it happen,” said Queens Borough President Helen Marshall. “BBDs provide a dramatic, economic boost to neighborhoods underserved by the banking community and become valuable resources within a short time after opening the bank door. I supported several BBDs over the years and attended the opening of the BBD bank in Long Island City some five years ago. I look forward to attending s similar opening in Richmond Hill as soon as possible.”

Pastor Mathew Singh of New Haven Ministries also added that “the best way to love a city is to serve it.”

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