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August 30, 2011 Vol. XXXVI No. 18

ANHD Board Chair Deb Howard at 2009 grand opening of Capital One branch in Clinton Hill, an underbanked neighborhood. The opening was part of the states Banking Development District program. As the bank continues to grow -- either organically or through acquisitions -- ANHD urges the bank to remain committed to NYC communities.
Photo: Jim Flood/NYT

Are Bigger BAnks Better?

This is the question at the heart of every proposed bank merger. And it is a question that we are once again faced with as Capital One has proposed to acquire ING Direct USA, an internet bank with $9 billion in deposits. The acquisition, the first high profile merger since the passage of Dodd-Frank, has garnered national attention given its potential for creating another too big to fail institution, the ability of the regulators to protect the economy from systemic risk, and the benefit to the public for allowing these institutions to grow so large. Merger contd on p2

Inside:
Jobs p 5

Events p 4

Grants: p 12

Are Bigger Banks Better?

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have to serve a wider footprint with often the same resources. This undermines the principal argument offered by banks for why the merger will benefit consumers, which is that larger institutions will provide more branches, ATms, and services that will serve the convenience and needs of local residents. The proposed merger has raised other issues as well concerning fair lending and abusive credit card practices. Capital One, which generates more than half its revenue from credit cards, has been hounded by criticisms that the company imposes unfair credit card issuance standards as it relates to credit seekers from both working class and communities of color who struggle to maintain high credit ratings. Furthermore, the bank has come under fire for not allowing home buyers with entry-level FICO scores of 580 to obtain FHA loans.

merger would make Capital One the fifth largest bank in the country behind Bank of America, Chase, Wells Fargo, and Citi. In terms of dollars, the merger would give Capital One more than $210 billion in deposits stretched over 1,000 branches nationwide and 149 in New York City. Yet the size of Capital One is dwarfed when compared to Bank of America, the nations largest bank with over a trillion dollars in deposits. To put this in perspective, Bank of America controls over 10% of the nations deposits and if the merger was approved, Capital One still would only control about 1.5% of the countrys total deposit base. Given Capital Ones recent acquisition of the credit card division of HSBC, the bank seems to be on an aggressive growth trajectory. Thus, it may be only a matter of time before Capital One approaches the size of its largest peers. In many ways, however, ANHD believes these arguments about what is too big is a distraction from the core issue: how responsive banks are to local credit needs. Several ANHD reports have documented the wave of mergers that have swept over the last decade. We have found that as New York City came to be dominated by increasingly large banks, the community suffered as institutions became less rooted in our neighborhoods and less focused on meeting local credit needs. For example, if you look at a sample of recent mergers such as those between JPmorgan Chase and Washington mutual, Bank of New York and mellon, and TD Bank and Commerce, the combined activities of the merged bank are smaller in at least one category than the two separate institutions. In addition to reduced lending and investment, ANHD has found that as banks become national and international entities, services also suffer since staff

In many ways aNhD believes arguments about what is too big is a distraction from the core issue: how responsive banks are to local credit needs.
It should be noted that ANHD has had a very positive relationship with Capital One since its entry into the New York City market in 2007. In many ways, the bank is a model when it comes to having a strong team that is locally focused and committed to providing a full range of reinvestment activities. As Capital One continues to grow, ANHD hopes that the approach the bank has deployed in New York City is replicated far and wide. For a merger of this size and one that will set a precedent for how the Federal reserve regulates banks in the post- Dodd-Frank era, many felt that a 30 day comment period was grossly insufficient. led by the National Community reinvestment Coalition and rep. Barney Frank, hundreds of communitybased organizations and advocates, including ANHD, submitted comment letters demanding more time and additional opportunities for the public to be heard. The comment period, which was initially scheduled to end August 22, was recently extended to October 12, 2011. The Fed also listened to the request for public hearings and scheduled three hearings for this fall in Washington DC, Chicago, and San Francisco. You can include your voice to the discussions by submitting your comments to the Federal reserve. If you would like to testify at one on the public hearings, you must submit a written request. If you would like to do so, please contact Dave Hanzel at davidb.h@anhd. org and he will give you the mailing address.

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eveNts

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rememberINg 9/11
In the spirit of the fellowship and unity that brought New York together in the wake of the September 11 attacks, Community Board 1 invites everyone to join them for Hand in Hand -- remembering 9/11 as we stand together to show our resilience, unity and remembrance. On Saturday, September 10th, 2011 at 8:46am, attendees will commemorate the 10 year anniversary of the September 11th attacks, when thousands of people will grasp hands to form a human chain along the waterfront from the tip of lower manhattan heading north. Historic Battery Park will be open for visitors to attend, post a message or memento on our Wall of remembrance, portions of which will be displayed at the 9/11 memorial museum for years to come. In addition, downtown non-profits will be hosting special community service projects throughout our neighborhood and we invite you to get involved and volunteer in the community. Participation in the event is free, but you must preregister through this site. Once logistics are finalized, we will contact you prior to the event with instructions on which Check-In station to report to on the morning of September 10th to be assigned your place in the chain. To attend visit: http://www.handinhand911.org/registernow

September 20, 2011 6:30 p.m.-8:30 p.m. To qualify for the program, you must have at least $750 deposit in a Bank account and earn no more than $55,000 per year. Seats are limited! Call today to reserve your seat! 456D Nostrand Avenue, Brooklyn, New York 11216 (Entrance on Jefferson , next to Sistas Place) 718.636.7596 ext 14

Chhaya Circle of friends kick-off!

Thursday, September 22, 2011 at vol de Nuit 5:30 Pm - 8:30 Pm at vol de Nuit 148 W 4th St (between S Washington Sq & mac Dougal St) New York, NY 10012 www.voldenuitbar.com Chhaya CDC invites all to join supporters and friends as they get together, relax, and celebrate Chhayas accomplishments with specialty Belgian beers, raffles and more! Raffle items: gift certificates to restaurants, WNBA season tickets, & many more! Tickets: $10 at the door comes with a raffle ticket! Hosted by: Shormina Ahmed, rina Biswas, Jomo K. mohiuddin, Amol and Ellen K. Pachnanda, Sujith Papali, and Abbas Syed. Based in Jackson Heights, Queens, New York, Chhaya Community Development Corporation (Chhaya) meaning shelter or shade is dedicated to creating more stable and sustainable communities by increasing civic participation and addressing the housing and community development needs of New Yorks South Asians, new immigrants and their neighbors.

bsDC & sIgNature baNk PreseNt the fIrst INvestor Program

Bridge Street Development Corporation and Signature bank have jointly launched a First Investor Program; A 10-week program which teaches you how to invest in stocks, bonds, and mutual funds. Each participant will receive a matching grant from Signature Bank and a personal financial planner. Classes are held every Tuesday beginning.

ANHD members accomplish big things in housing. Help us tell these stories.

share your ideas with the reader

Since our first issue more than 30 plus years ago, The ANHD Inc reader has featured compelling stories of successes and challenges facing NYCs affordable housing movement. Help us to continue giving our movement a voice. Suggest a story idea, submit an article, or initiate a feature on your organization. Send your email to david.k@anhdinc.org

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Residents call for NY Com munity Ban
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April 12, 2011 Volume XXXVI Number

Milk Ru

k to end

Last Thursda y, tenants Bronx held of 735 Bryant a press conferen Ave ce to demand in the action. The goal was and physical to bring attention to the neglect that for years. has plagued disinvestment their building Residents were joined Ruben Diaz by Bronx Borough Presiden Quinn, as and City Council Speaker t well as neighbor Christine buildings s from surround as ing Community they collectively called Bank to put on New York an end to the serial Unfortunately, neglect. York Commun this is not an isolated ity Bank, Above 735 Bryant which holds incident for New Ruben (l-r) Bronx Borough as well as the Diaz, 735 Bryant President 33 other buildings mortgage on Association President Avenue City Council Gennet Tenant (including Speaker Quinn Riley and press conference. during the Inset:
contd on p3

Residents NYCBs portfolio of nearby buildings express thoughts under

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JOB POSTING: CONTROLLER REAL ESTATE Unit: Finance Employee Type: Full-time/35 hours per week Job Status: Exempt

Fifth Avenue Committee (FAC) is a nationally recognized South Brooklyn based, non profit, community development corporation formed in 1978 that works to transform the lives of over 5,000 low and moderate income New Yorkers annually so that we can all live and work with dignity and respect while making our community more equitable, sustainable, inclusive and just. FACs mission is to advance economic and social justice by building vibrant, diverse communities where residents have genuine opportunities to achieve their goal as well as the power to shape the communitys future. To achieve our mission, FAC develops and manages affordable housing and community facilities, create economic opportunities and ensures access to economic stability, organizes residents and workers, offer student-centered adult education and combats displacement caused by gentrification. We have developed over 800 units of affordable housing, created job-training programs that have helped thousands of people get good jobs, and organized community residents to win public policy changes. In addition to our grassroots neighborhood work, we are actively involved in broader coalitions and campaigns. FAC Asset and Property Management and Finance Units serve nearly 600 units of affordable, mixed-income and mixed use properties financed through a range of federal, state and local government and private financing including low-income housing tax credits and supported by Section 8 and other government subsidy programs in a growing portfolio. The Controller position reports to the Director of Finance and IT. This position is responsible for all areas related to the financial oversight and reporting of FACs property management portfolio and the corresponding subsidiary and affiliate ownership entities. The Controller supervises the Realty Accounting Bookkeeper, other assigned admin. and/or accounting staff and works closely with external auditors and is responsible for managing the team to ensure that work is properly allocated and completed in a timely and accurate manner. The Controller works closely with FACs Director of Finance and IT to coordinate the annual audits and collaborates with the Director of Asset and Property Management and the Director of Finance to provide analysis of the financial performance of our management portfolio. RESPONSIBILITIES: Maintain a thorough understanding of the reporting requirements and procedures required by the subsidy sources, lenders and grant sources of our affordable housing. Ensure proper and timely recording of all account transactions both payable and receivable with proper check and balance procedures in place. Perform and Oversee the work, ensure accuracy, and cause the submission of: o Day to day management of general ledger including reviewing and posting entries to ensure accuracy of properties financial records o Monthly reconciliation of Accounts Receivable and Accounts Payable schedules to the General Ledger. o Monthly reconciliation of bank statements to the General Ledger and regular verification of bank deposits o Monthly Budget-To-Actual preparation o Quarterly vacancy loss reconciliation and report

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employment opportunity

Director of real estate Development

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Project manager
Neighborhood Restore HDFC (NR) and Restored Homes HDFC (RH), two related non-profit housing development corporations are looking for a PrOJECT mANAGEr who can manage a portfolio of sites and oversee property management and development activities for those sites. Specific responsibilities include: oversee the property managers in activities including development and approval of annual budgets and building stabilization plans, review monthly financial positions, coordinate emergency repairs, and facilitate productive tenant relations, in addition to working with HPD, private funding institutions, and other City agencies to assist developers to complete scopes of work and financing options, rehabilitation plans, tenant communication and construction loan closing. Qualified applicants to this position would possess a masters degree in planning, real estate finance, business administration or comparable field and a minimum of 4 years of work experience in the areas of housing or community development, property management, or planning is required. Work experience with the City of New York and familiarity with NYC neighborhoods and a valid drivers license is preferred. Please email resume to: humanresources@neighborhoodrestore.com. Neighborhood restore is an Equal Opportunity Employer.

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bldg manager trainee

Clinton Housing Development Company (CHDC) is a non-profit organization that develops, manages and owns affordable housing in manhattan. CHDC is looking for a Building manager Trainee who is interested in affordable housing and community development. The Building manager is responsible for managing the day-to-day management of buildings as assigned. Each building manager is assigned certain buildings for which s/he is the primary contact person. Building managers are active on-call during the week and on assigned weekends and holidays on a rotational basis. responsibilities Process building maintenance and repair projects and requests for assigned buildings; monitor complaint log daily, process all requests, and concerns as necessary; review and approve all bills and invoices for assigned buildings; Ensure that regular maintenance procedures occur, including but not limited to fuel delivery and extermination for all CHDC buildings; Produce weekly reports for departmental open tasks. Minimum Qualifications Computer literacy including MS Office; Excellent administrative and organizational skills; Strong written and oral communication skills; Ability to juggle multiple tasks; Ability to work within timeframes; Spanish speaking a plus. salary range $33,000 - $38,000 (resident) $35,000 - $40,000 (non-resident)

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employment opportunity

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employment opportunity

Community organizer
Bridge Street Development Corporation is seeking a candidate for Community Organizer. Duties and responsibilities: Works with residents to stabilize blocks where BSDC is currently developing property. Conducts assessments of blocks where BSDC is considering real estate development to determine what issues will impact development. Works with Housing Group staff to implement plans to address issues resulting from assessments. Develops and implements neighborhood-based educational programs on issues related to homeownership. Partners with community residents in the development of block and tenant associations. Supports existing block and tenant associations. Organizes new tenant and block associations. Identifies and helps develop neighborhood leadership. Attends regular community meetings, such as the 79th Precinct Council, 81st Precinct Council and Community Board #3, and other Central Brooklyn Precinct Councils and Community boards. Plans and coordinates Foreclosure Outreach. Represents BSDC and community interests at public forums and community events. Maintains a visible presence as a member of the community. Provides grassroots marketing support to Housing Group staff, as needed. Works with the Director of Economic Development to organize merchants. Prepares written reports. Other duties as assigned. Qualifications/Requirements: Bachelors degree. Minimum of five years experience working within the community development field, Demonstrated experience in organizing and developing resident leadership, leveraging financial and technical resources to produce tangible improvement in neighborhoods, and facilitating collaborative efforts among community leaders, non-profits and public agencies. Self-starter. Ability to work independently. Demonstrated leadership capacity and sound judgment Computer literacy with proficiency in MS office products (Word, Excel, PowerPoint). Excellent oral and written communication skills. . Ability to work effectively with people of various races and backgrounds. Ability to multi task. Ability to work effectively as a member of a team. to apply: Please send cover letter and resume to:

Imelba rodriguez Homeownership Services manager Bridge Street Development Corporation 460 Nostrand Avenue Brooklyn, NY 11216 F. (718) 636-7595 irodriguez@bsdcorp.org

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is a source of strength for our people and our businesses.

At Citi, we have worked hard to create a workplace with an emphasis on inclusion, innovation and merit, rooted in our shared values and respect for our colleagues and the millions of people we serve. We aspire to be a company where the best people want to work; a company dedicated to empowering individuals and families around the world; and a company that provides opportunity for all. An Equal Opportunity Employer M/F/D/V | careers.citigroup.com
2009 Citigroup Inc. Citi and Arc Design is a registered service mark of Citigroup Inc. 571810 11/09

Diversity

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multIfamIly eNergy INNovatIoN fuND

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HUDs Office of Affordable Housing Preservation (OAHP) is issuing a NOFA for the multifamily Energy Innovation Fund. This fund provides a total of $25 million in grants to be used for the purpose of energy efficiency upgrades at multifamily properties. The goals of this NOFA are to: (1) Demonstrate solutions to the primary and longstanding challenges to implementing energy efficiency and renewable energy improvements, in existing affordable multifamily properties. (2) leverage private capital and additional public funding to demonstrate proof of concept of specific models. (3) Conduct applied research to document and disseminate mainstream, scalable approaches to retrofitting affordable multifamily properties. The overall objective of the Energy Innovation Fund is to help catalyze a home energy retrofit market in the United States by accelerating private investment in cost-saving energy efficiency retrofits in the residential sector. Innovative and replicable strategies to improve the usefulness of existing HUD programs--as well as developing new financing tools--will lead to significant reductions in energy consumption, operating costs, and the carbon footprint of both affordable and market-rate housing. Applicants can join HUD for a webcast on September 19, 2011, from 11:00am-12:30pm. HUD will present the highlights of the NOFA and answer questions. You will be able to view the full NOFA prior to the webcast, as it is available on HUDs website today. The Energy Innovation NOFA can be found at: http:// www.hud.gov/offices/adm/grants/nofa10/grpeif.cfm Applicants are reminded that when apply for funding through Grants.Gov, registration is required. registration is a multi-step process. For information go to http://www.grants.gov/applicants/get_registered. jsp and click on Organization registration. registration will also provide you with automatic updates to the NOFA. Applications for Energy Innovation Funds grants must be received by HUD no later than October 20, 2011. Detailed application instructions are included in the General Section of HUDs FY 2010 NOFAs for Discretionary Programs, and in the Energy Innovation Fund NOFA.

In advance of the webcast, please send your questions to:EIFApplication@hud.gov The webcast on September 19, 2011 can be viewed at: http://portal.hud.gov/hudportal/HUD?src=/ webcasts/schedule --------------------------------------assessmeNt aND traININg of the 37 resIDeNt assoCIatIoNs-NyCha maNhattaN North DIstrICt The NYC Housing Authority is preparing to provide funding for Assessment and Training of the 37 resident Associations-NYCHA manhattan North District. The goal of the consultant services to provide assessment and management training services to the 37 resident associations, representing the residents of public housing in Upper manhattan, that comprise the manhattan North District to assist them in developing and achieving their goals and objectives in order to increase their effectiveness. The amount of the agreement will be based upon the fees proposed by the Consultant, but in no event shall it exceed $95,000.00 and term shall be for a period of six (6) months. All proposals must be submitted in accordance with Section Iv.B. Proposal Packaging and Submission requirements of the solicitation. Electronic responses are not permissible and will be deemed non-responsive. The deadline for this grant is September 16, 2011. All questions regarding the solicitation must be submitted in writing and received by NYCHA, no later than 1:00 Pm on September 2, 2011. Questions shall be directed to NYCHA`s Solicitation Coordinator-rFP 28672, Sunny Philip, NYCHA, General Services Dept., 90 Church Street, New York, NY 10007. NYCHA will provide all questions and answers to all parties that received a copy of the solicitation no later than 1:00Pm on September 8, 2011. link: http://a856-internet.nyc.gov/nycvendoronline/ vendorsearch/asp/Postings.asp?req_id=20110823008

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2008 Bank of America Corporation

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