MAYOR ADAMS, COMPTROLLER LANDER ANNOUNCE NEW YORK CITY’S THIRD ISSUANCE OF SOCIAL BONDS, INVESTMENTS THAT SUPPORT AFFORDABLE HOUSING

 

Proceeds Will Help Finance Development of Over 4,300 Affordable Housing Units

Upcoming Sale Follows Another Record-Breaking Year for Producing and Connecting New Yorkers to New, Affordable Homes

New York City Mayor Eric Adams and New York City Comptroller Brad Lander today announced New York City’s plans to issue approximately $820 million of taxable, fixed rate “General Obligation Social Bonds” in October 2024. Selling bonds to investors generates funds that the city uses to build and maintain its world-class infrastructure. Proceeds from the sale of these social bonds will support the construction and development of over 4,300 more affordable housing units in New York City and continue to build on the administration’s efforts to build more homes across the five boroughs, through efforts such as, the ‘City of Yes for Housing Opportunity’ proposal.

“Our administration is committed to making New York City a safer, more affordable city,” said Mayor Adams. “With a historically low vacancy rate and more people feeling the squeeze of market pressures, we must say ‘yes’ to using every tool in our toolbox to build more affordable housing across New York City. Social bonds are a smart and effective way to achieve our housing goals and give investors a critical opportunity to partner with the city so that we can become a more affordable city.”

“Social bonds have been an important tool to support the reimbursement of crucial affordable housing projects throughout the five boroughs and are a creative way for New York City to tap into the growing investor demand for socially sustainable investments,” said Comptroller Lander. “I am thrilled that we are able to continue this successful initiative now for the third year and remain focused on implementing strategies that preserve one of our greatest assets — genuinely affordable housing.”

This will be the city’s historic third issuance of social bonds — all of which occurred since 2022,  when Mayor Adams and Comptroller Lander took office. Issuing social bonds is a creative strategy that enables the city to take advantage of the demand for investment opportunities while addressing policy objectives, such as making the city more affordable. The first two social bond issuances totaled $1.1 billion and helped to finance nearly 7,800 affordable housing units. S&P Global Ratings provided an independent opinion for each of the three transactions, affirming that the bonds are aligned with the International Capital Markets Association’s Social Bond Principles, which support the financing of projects — like affordable housing — that seek to achieve positive social outcomes.

This bond offering comes after another record-breaking year for the production of affordable housing in New York City, and follows passage of the Fiscal Year 2025 Adopted Budget wherein Mayor Adams and the City Council agreed to invest an additional $2 billion in the capital budgets of the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Authority — bringing the city’s investment in affordable housing to a record level of $26 billion over the current 10-year plan. The Adams administration has pledged to use every possible tool to deliver more affordable housing for New Yorkers, with a bold “moonshot” goal of building 500,000 new homes by 2032.

Net proceeds from the upcoming sale of social bonds will be used to reimburse prior spending by the city under HPD’s Extremely Low-and Low-Income Affordability (ELLA) program, Senior Affordable Rental Apartments (SARA) program, and Supportive Housing Loan Program (SHLP). The projects being financed are expected to provide an estimated 2,008 units under the ELLA program, 744 units under the SARA program, and 1,597 units under the SHLP program. Over 80 percent of newly constructed units being financed are for households earning 60 percent of area median income (equal to $93,180 for a family of four) or below. Additionally, 1,713 of the total units — nearly 40 percent — will provide housing for individuals and families formerly experiencing homelessness.

In addition to the social bonds, the city also intends to sell approximately $680 million of non-labeled taxable fixed-rate bonds to finance capital projects.

Subject to market conditions, pricing for both the social bonds and non-labeled bonds will take place on Wednesday, October 9, 2024, via negotiated sale through an underwriting syndicate led by joint senior managers BofA Securities and Blaylock Van, with J.P. Morgan, Jefferies, Loop Capital Markets, Ramirez & Co., Inc., RBC Capital Markets, Siebert Williams Shank, and Wells Fargo Securities serving as co-senior managers.

Permits Filed for 269 Van Cortlandt Avenue East in Norwood, The Bronx

Permits have been filed for an eight-story residential building at 269 Van Cortlandt Avenue East in Norwood, The Bronx. Located between Bainbridge Avenue and Rochambeau Avenue, the lot is near the Norwood subway station, serviced by the D train. Shimshon Grunstein of AFS Systems Inc. is listed as the owner behind the applications.

The proposed 75-foot-tall development will yield 17,982 square feet designated for residential space. The building will have 30 residences, most likely rentals based on the average unit scope of 599 square feet. The masonry-based structure will also have nine enclosed parking spaces.

Nikolai Katz Architect is listed as the architect of record.

Demolition permits will likely not be needed as the lot is vacant. An estimated completion date has not been announced.

 

GHOSTS BUSTERS: MAYOR ADAMS LAUNCHES NEW DSNY/NYPD GHOST CAR TASK FORCE TO REMOVE ILLEGAL CARS FROM NYC STREETS

 

NYPD Officers Detailed to DSNY Will Enforce Against Parked Ghost Cars 

First Five Days of Operations Removed nearly 300 Ghost Cars 

Builds on Ongoing Interagency, City-State Task Force That Has Removed Nearly 2,200 Ghost Cars from New York City Streets 

New York City Mayor Eric Adams today announced a new interagency task force that will help remove illegal “ghost cars” — cars that are virtually untraceable by traffic cameras and toll readers because of their forged or altered license plates — from parking spaces on city streets. As of last week, 15 uniformed members of service of the New York City Police Department (NYPD) will be assigned strictly to parked ghost car removal, under the direction of the New York City Department of Sanitation (DSNY). The task force began regular operations on September 10^th, and over the first five nights of operations alone removed 295 ghost cars, freeing up space for New Yorkers who follow safety and regulatory requirements.

“Far too often, ghost cars are not only used to evade toll readers, but are also being used in more serious crimes, including shootings, robberies, and hit-and-runs. This new task force will identify, target, and tow illegal ghost cars that are parked on our streets as the DSNY and the NYPD become the real-life ghost busters,” said Mayor Adams. “Today, we are sending an important message to everyone who drives on the streets of our city: fake plates are a real crime and if you leave a car on city streets with forged, stolen, or altered plates, it won’t be there when you get back. Our streets must be safer, and that’s why our teams will continue to work 24/7 to ensure New Yorkers’ safety.”

“The era of the free ride is over. Whether you’re using a ghost plate to evade a toll or create a menace on our streets, you will be caught and you will be prosecuted,” said Deputy Mayor for Operations Meera Joshi. “Parked or moving, if you’re obscuring your plates, our city is coming for you.”

“Ghost cars come in many flavors. The owners of these vehicles evade detection from law enforcement by operating with no plates, fake plates, plates not registered to a vehicle, or expired plates,” said DSNY Commissioner Jessica Tisch. “These untraceable vehicles show up at the scenes of serious crimes like robbery, trafficking, or assault. Ghost car drivers have been caught with firearms, caught leaving the scene of a crash, and more. Now, we have a strategy to get them where they’re parked, every hour of every day.”

“We and DSNY are now sweeping up ghost vehicles where they park in our communities, multiplying the NYPD’s established success in identifying and seizing illegal cars, trucks, SUVs, and other vehicles being driven on our roadways,” said NYPD Interim Police Commissioner Thomas G. Donlon. “This is the clear mandate of our newest interagency task force and the next step toward breaking the well-known link between violent crime and unregistered vehicles.”

“Red light and speed cameras save lives and keep New Yorkers safe. Drivers that use forged, obstructed, or altered plates to cheat the system put all of us at risk,” said New York City Department of Transportation Commissioner Ydanis Rodriguez. “Getting ghost cars off our streets improves the lives of hard-working New Yorkers who follow the rules. We thank Mayor Adams, DSNY, NYPD, and our sister agencies for all their work to get these vehicles off the roads.”

Current city and state enforcement efforts against ghost cars — which have been used in everything from hit-and-run collisions to robberies and shootings — focus on enforcing against these automobiles while in motion, on the streets, or at toll plazas. This new task force will apply interagency best practices to the rest of the day, when these unregistered, uninsured, or stolen vehicles are parked. This mirrors a prior interagency collaboration between the NYPD and DSNY on a related issue — removing abandoned and derelict vehicles from streets. In the first year of that effort, the Abandoned Vehicle Task Force — structured similarly, with NYPD officers detailed to DSNY — the number of vehicles removed from city streets by DSNY more than doubled.

The vehicles seized by this task force will be held at NYPD lots where they will be processed and either claimed, auctioned, or destroyed after all investigations are complete.

This work builds on additional ongoing efforts to combat ghost cars. In March, Mayor Adams, New York Governor Kathy Hochul, and Metropolitan Transportation Authority Chair and CEO Janno Lieber launched a multi-agency, city-state ghost car task force. The task force includes the NYPD, the New York City Sheriff’s Office, MTA Bridge and Tunnel officers, the New York State Police, the New York State Department of Motor Vehicles, and the Port Authority of New York and New Jersey Police Department. On Saturday, the task force completed its 41^st operation; in those operations, the task force made 490 arrests, issued 20,640 summonses, and seized 2,303 vehicles whose owners owed a total of over $21 million in unpaid tolls, taxes, fees, and more.

“Today, we are going full throttle to rid our city of the pervasive ‘ghost cars.’ There have been over 20,000 complaints of phony paper plates since their advent during the pandemic,” said New York State Assemblymember Jenifer Rajkumar. “Drivers of these untraceable cars are using these plates to commit crimes, cover up stolen vehicles, evade their fair share of tolls, and violate traffic laws with impunity. Presumably none of them are carrying insurance, spelling disaster if they are in an accident. This partnership between the NYPD and DSNY, with 15 law enforcement officers devoted exclusively to ghost car removal, will accelerate enforcement to get these dangerous cars off our streets. We have already made incredible progress, removing 295 ghost cars in five days. I am working at the state level to give the city even more enforcement tools, including empowering law enforcement to use VINs to issue summonses when there is a phony plate. Together, we will be the exorcist that banishes the ghost cars haunting New York City.”

Housing Lottery Launches for 2385 Tiebout Avenue in Fordham, The Bronx

 

The affordable housing lottery has launched for 2385 Tiebout Avenue, an eight-story residential building in Fordham, The Bronx. Designed by Fred Geremia Architects & Planners and developed by Artan Prelaj, the structure yields 38 residences. Available on NYC Housing Connect are 12 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $104,640 to $181,740.

Units feature name-brand, energy-efficient appliances and air conditioning. Amenities include a parking garage and bike storage lockers. Tenants are responsible for electricity including stove, heat, and hot water.

At 130 percent of the AMI, there are three studios with a monthly rent of $3,052 for incomes ranging from $104,640 to $161,590, and nine one-bedrooms with a monthly rent of $3,234 for incomes ranging from $110,880 to $181,740.

Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than October 7, 2024.

Justice Department Awards Over $600M to Hire Law Enforcement Officers, Keep Schools Safe, and Improve Law Enforcement Mental Health and Wellness Services

The Justice Department’s Office of Community Oriented Policing Services (COPS Office) announced that it has awarded over $600 million in grant funding to law enforcement agencies and stakeholders across the country. This funding will go to support a wide range of efforts, from hiring new law enforcement officers and keeping our schools safe, to expanding programs that support law enforcement mental health and wellness services and combating the distribution and trafficking of illicit drugs.

The funding was announced as part of the Justice Department’s celebration of the 30th anniversary of the COPS Office, commemorating 30 years since the passage of the Violent Crime Control and Law Enforcement Act. Since that time, the COPS Office has advanced community policing across the country by providing a variety of resources, including grant funding, training, technical assistance, and a wide range of publications and other resources.

“Since its founding 30 years ago, the COPS Office has shown the country what it looks like to put the values of community-oriented policing into action,” said Attorney General Merrick B. Garland. “This coming year, the Justice Department will provide funding for 235 police departments to hire nearly 1,200 additional officers. As we celebrate this milestone and announce this funding, we recommit ourselves to the COPS Office’s mission, and to the belief that everyone in this country deserves to feel safe, and to be safe, in their communities.”

“For 30 years, the COPS Office has been crucial to keeping our communities safe,” said Deputy Attorney General Lisa Monaco. “From helping communities build public safety capacity by putting more cops on the beat to helping law enforcement professionals build resilience — the COPS office has been a game changer for public safety.”

“Over the past three decades, the COPS Office has provided vital resources, training, and support to law enforcement agencies across the country to help them implement community policing strategies,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “That support is based on the foundational tenet that communities are safer when law enforcement and community members work in true partnership.” 

“As the COPS Office celebrates its 30th anniversary of working with local, state, territorial, and Tribal law enforcement agencies, these grants are another example of the tremendous support we have been able to offer the law enforcement field over the years,” said Director Hugh T. Clements Jr. of the COPS Office. “These grants are one more way we work to ensure law enforcement and community members get the support they need as they continue to strive to keep their communities safe.”

The funding announced today includes:

• $157 million through the COPS Hiring Program (CHP) for 235 law enforcement agencies to hire nearly 1,200 additional officers to enhance their community policing capacity;
• $73 million for the School Violence Prevention Program/Bipartisan Safer Communities Act, for school safety measures in and around K-12 schools;
• $46 million to combat the distribution and trafficking of opioids and methamphetamine through the COPS Anti-Heroin Task Force (AHTF) program and the COPS Anti-Methamphetamine Program (CAMP);
• Over $31 million for the Tribal Resources Grant Program (TRGP), with an additional $500,000 in technical assistance;
• Over $9 million for the Law Enforcement Mental Health and Wellness Act (LEMHWA) program to improve the delivery of and access to mental health and wellness services for law enforcement and support staff;$750,000 for the Implementation of the De-Escalation Training Act;
• $10.5 million for the Preparing for Active Shooter Situations (PASS) Program, which provides training for first responders through scenario-based, multidisciplinary training classes;
• Almost $14 million in Community Policing Development Microgrants and Law Enforcement Products and Resources;
• Over $4 million for Promoting Access to Crisis Teams, which supports the implementation of crisis intervention teams, including embedding behavioral or mental health professionals with law enforcement agencies; and
• $6.5 million for law enforcement agency accreditation, for programs that allow police departments and sheriff’s agencies to obtain accreditation by independent credentialing bodies.

The COPS Office is the federal component of the Justice Department responsible for advancing community policing nationwide. The only Justice Department agency with policing in its name, the COPS Office was established in 1994 and has been the cornerstone of the nation’s crime fighting strategy with grants, a variety of knowledge resource products, and training and technical assistance. Through the years, the COPS Office has become the go-to organization for law enforcement agencies across the country and continues to listen to the field and provide the resources that are needed to reduce crime and build trust between law enforcement and the communities served. The COPS Office has been appropriated more than $20 billion to advance community policing, including grants awarded to more than 13,000 state, local, territorial, and Tribal law enforcement agencies to fund the hiring and redeployment of approximately 138,000 officers. 

Attorney General James’ Office of Special Investigation Releases Report on Death of Joel Capellan

 

New York Attorney General Letitia James’ Office of Special Investigation (OSI) released its report on the death of Joel Capellan, who died on October 16, 2022 after an encounter with members of the New York City Police Department (NYPD) in Manhattan. Following a thorough investigation, which included review of body-worn camera footage and security camera footage from nearby buildings, interviews with involved officers and witnesses, and comprehensive legal analysis, OSI concluded that a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ actions were justified under New York law. 

During the early morning hours of October 16, four NYPD officers were driving in an unmarked car in Manhattan’s Washington Heights and Inwood neighborhoods to patrol the area’s nightclubs at closing time. At the same time, a fight broke out among several people at the corner of Dyckman Street and Nagle Avenue after a man punched another man in the face. Mr. Capellan, after taking a gun out from his waistband, approached the individual who threw the punch and struck the individual in the head with his left hand while holding the gun. Medical and ballistics evidence indicates that Mr. Capellan had fired his gun at that moment and inflicted a graze wound on the man he struck. A physical fight then broke out among Mr. Capellan and several other people and spilled into the street.

The NYPD officers who had been patrolling the area arrived on the scene as most of the people dispersed. Mr. Capellan continued to wrestle with someone on the ground. As officers exited their vehicle, three of them said they heard a gunshot. All four officers saw Mr. Capellan with the gun still in his left hand while fighting another man. The officers repeatedly shouted at Mr. Capellan to drop the gun, but instead he began to rise off the ground while holding the gun in his left hand. All four officers discharged their service weapons, striking Mr. Capellan. Mr. Capellan was transported to a local hospital where he was pronounced dead. Officers recovered a gun at the scene. 

Under New York’s justification law, a police officer may use deadly physical force when the officer reasonably believes it to be necessary to defend against the use of deadly physical force by another. In this case, Mr. Capellan continued to hold the gun after the officers, having heard a gunshot, repeatedly shouted at him to drop it. Under these circumstances, given the law and the evidence, a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ use of deadly physical force against Mr. Capellan was justified, and therefore OSI determined that criminal charges should not be pursued in this matter.

DEC and State Parks Encourage New Yorkers to 'Get Outside, Get Offline' and Participate in Fish and Wildlife Day Events on Sept. 28

 

Participants Will Celebrate New York’s Public Lands by Volunteering in Stewardship and Educational Events Statewide

Events Coincide with New York’s Annual Free Fishing Day and National Hunting and Fishing Day

 

Activities Promote State’s ‘Get Offline, Get Outside’ Campaign and Tree Planting Goals

The New York State Department of Environmental Conservation (DEC) and the Office of Parks, Recreation and Historic Preservation (State Parks) today encouraged New Yorkers to give back to the State lands and sites they treasure and get outdoors by participating in stewardship events for Fish and Wildlife Day on Saturday, Sept. 28. This summer, Governor Kathy Hochul launched the ‘Get Offline, Get Outside’ campaign to encourage New Yorkers to put down their phones and screens and spend time in nature and Fish and Wildlife Day provides a perfect opportunity to participate in fish and wildlife conservation service projects and educational workshops across the state, celebrating New York’s diverse wildlife and habitats.

 

“New York’s abundant and peerless natural resources draw millions of visitors to the outdoors every year, requiring continued efforts to protect and preserve wildlife habitats,” DEC Interim Commissioner Sean Mahar said. “The stewardship opportunities during Love Our New York Lands Fish and Wildlife Day bolster our efforts to protect State lands and sites and are perfect for groups or individuals seeking to give back to nature and the special places they love.”

 

“Love Our New York Lands Fish and Wildlife Day is a great opportunity to give back and promote responsible stewardship by strengthening the community’s connections to our public lands and watersheds,” State Parks Commissioner Pro Tempore Randy Simons said. “We look forward to welcoming volunteers and inspiring the next generation of visitors to help maintain and preserve our amazing public lands and to better understand the natural habitats that continue to be protected and preserved in New York.”

 

"Effective conservation is about land protection, but it's more about active stewardship,” Parks & Trails New York Executive Director Paul Steely White said. “On Saturday, September 28, join in one of many opportunities to improve the vital habitats that support the broad array of our treasured fish and wildlife-- from Muskies to Mallards!"

 

Registration is currently open for the first Fish and Wildlife Day. New Yorkers are encouraged to visit their website to sign up for events and show appreciation for the natural world. Participants can plant native plant species and remove invasives to foster healthy wildlife habitat at a nearby State Park, learn how to build and repair bird houses that will benefit species at a DEC Wildlife Management Area, or pair stewardship efforts with a birding or nature walk that highlights the importance of wildlife conservation.

 

Fish and Wildlife Day is part of the Love Our New York Lands Stewardship campaign, a series of themed public stewardship events that encourage year-round collaboration and highlight the state’s outdoor recreation assets and the need to safeguard those resources. The series began in April with Canal Clean Sweep, followed by “I Love My Park” Day in May, and the first Adirondack and Catskill Park Day on Sept. 7. The days are offered and organized in partnership with Parks & Trails New York (PTNY), DEC, State Parks, and the New York State Canal Corporation.

 

National Hunting and Fishing Day was designated by Congress in 1972 to encourage people to experience, understand, and appreciate traditional outdoor sports and recreation and our abundant natural resources. This day also recognizes hunters and anglers for their leadership in fish and wildlife conservation. 

 

To encourage year-round stewardship, the goal of Love Our New York Lands is to help protect the state’s natural resources by providing visitors with the knowledge necessary to reduce their impact, engage users to practice sustainable and safe recreation, and help all visitors feel welcome while visiting State lands. The efforts to enhance New York’s public lands align with Governor Hochul’s plan to plant 25 million trees across New York State by 2033, announced during her 2024 State of the State.

HuntFishNY Events – Workshops to Develop Your Hunting and Fishing Skills

For New Yorkers interested in trying out a shooting sport or beginning and advanced fishing programs DEC offers in-person, instructor-led courses which provide hands-on experience in shooting, hunting, trapping and fishing. For hunting-related courses, certified DEC instructors teach these four-hour courses. While hunter education certification is not offered with these courses, they are a great way for new hunters or those interested in becoming a hunter to develop their skills. Check out the HuntFishNY Events page for currently scheduled programs.

 

DEC also designates several dates throughout the year as free fishing days, which allows anyone to recreationally fish without a freshwater fishing license in New York State! To complement National Hunting and Fishing Day, Saturday, Sept. 28, 2024, is designated as a free fishing day. This offers the perfect opportunity to try out fishing for the first time, for getting back into the sport after taking a break, or for taking a friend or the whole family along to fish. Even though a license is not needed, all fishing regulations apply.

 

About Parks & Trails New York

Parks & Trails New York is New York's leading statewide advocate for parks and trails, dedicated since 1985 to improving our health, economy, and quality of life through the use and enjoyment of green space for all. With thousands of members and supporters across the state, PTNY is a leading voice in the protection of New York's magnificent state park system and the creation and promotion of more than 1,500 miles of greenways, bike paths, river walks and trails. More information can be found here.

 

About the New York State Office of Parks, Recreation and Historic Preservation

The New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 parks, historic sites, recreational trails, golf courses, boat launches and more, which saw a record 84 million visits in 2023. For more information on any of these recreation areas, visit parks.ny.gov, download the free NY State Parks Explorer app  or call (518) 474-0456. Join us in celebrating our Centennial throughout 2024, and connect with us on Facebook, Instagram, X (formerly Twitter) and the OPRHP Blog.

 

About the New York State Department of Environmental Conservation

DEC manages five million acres of public lands, including three million acres in the Adirondack and Catskill Forest Preserve, 55 campgrounds and day-use areas, more than 5,000 miles of formal trails and hundreds of trailheads, boat launches, and fishing piers. Plan your next outdoor adventure and connect with us on Facebook, X (formerly Twitter), Flickr, Threads, and Instagram.

State Comptroller DiNapoli and Dept. of Financial Services Superintendent Harris Designate New Banking Development District to Support Community Banking in South Bronx

 

Ponce Bank Branch to Receive $35 Million Deposit as Part of State Program to Increase Access to Financial Services in Historically Underserved Communities

New York State Comptroller Thomas P. DiNapoli and Department of Financial Services Superintendent Adrienne A. Harris announced the approval of Community District 9 as a Banking Development District (BDD) and presented $35 million in New York state deposits to Ponce Bank’s Westchester Avenue Branch.

The BDD program, administered by the Department of Financial Services, supports the establishment of bank and credit union branches in areas across the state where there is a demonstrated need for banking services. Bronx Community District 9 (CD 9) is now a designated BDD, covering the neighborhoods of Bronx River, Castle Hill, Clason Point, Harding Park, Parkchester, Park Stratton, Soundview, Soundview-Bruckner and Unionport.

To encourage participation in the BDD program, the State Comptroller’s office makes public deposits available to banks and credit unions to open or maintain a bank branch. DiNapoli has deposited $35 million in public funds in Ponce Bank to support their operations and provide affordable and accessible banking products and services in the community.

“We are proud to provide $35 million in public funding to Ponce Bank to improve community banking in the Soundview, Parkchester and Castle Hill neighborhoods of the Bronx,” New York State Comptroller Thomas P. DiNapoli said. “This is a smart, sound investment to ensure more financial services are available to help increase access to capital, supporting personal wealth, home ownership, entrepreneurship and jobs.”

New York State Superintendent of Financial Services Adrienne A. Harris said, “When I came into DFS three years ago I wanted to ensure that New Yorkers know that the department is working for them, making sure that financial services are both affordable and accessible. The BDD program is a powerful tool to encourage savings and credit building in our local communities.”

Bronx Borough President Vanessa Gibson said, “Today marks a significant step forward in expanding access to essential banking services for our community. I want to thank Governor Kathy Hochul, Department of Financial Services Superintendent Adrienne A. Harris, and New York State Comptroller DiNapoli for their leadership in securing $35 million in New York state deposits for Ponce Bank’s Westchester Avenue Branch. Through the Banking Development District (BDD) program, this vital investment will enhance financial inclusion and support economic growth in areas that have long been underserved. This initiative will make a tangible difference in the lives of many by providing greater access to banking services where it is needed most."

Ponce Bank President and CEO Carlos Naudon said, “Community Banking is a critical component of our financial system. Healthy Community Banks like Ponce Bank support local job growth by lending to and servicing local small businesses, spur the development of affordable housing by focusing our funding locally and with specialized local expertise, and promote community-wide Financial Mastery through classes and partnerships with local organizations. The deposit of State and New York City funds into our institution is critical to support our ability to provide these services and ensures that their deposits fund local growth.

Senator Nathalia Fernandez said, “Expanding access to financial services is critical for uplifting historically underserved communities. Financial literacy, coupled with affordable banking products, can significantly empower individuals and businesses to manage their finances and build a stable future. The designation of this Banking Development District in Bronx Community District 9 will provide vital resources for residents to access homeownership, savings opportunities, and financial education. Programs like this ensure that every New Yorker has the tools and support to thrive, regardless of their financial background.

"I applaud Ponce Bank, Superintendent Harris and other state officials for this magnificent achievement," said Assembly Member Karines Reyes, R.N., Chair of the NYS Assembly & Senate's Puerto Rican / Hispanic Task Force. "My constituents in the Southeast Bronx deserve expanded access to financial services to pay their bills, purchase homes, build their credit and financially plan for their future. Designating our community as a Banking Development District will remove barriers to capital for community members who have been historically discriminated against, by government and the financial services industry, and are suffering the consequences of that long-practiced disparity. I am thankful for the leadership of Ponce Bank, an institution that has a strong presence in our community and has been providing culturally competent service delivery to my diverse constituency, who need language access and so much more to provide comprehensive relief. I'm looking forward to the benefits of this program for my constituents and thank all partners for making this a reality."

“As the proud local representative of Bronx Community District 9 and Chair of the City Council’s Committee on Economic Development, I am delighted that our district is now formally designated as a Banking Development District! This initiative, supported by Governor Hochul and Comptroller DiNapoli, will bring affordable banking products, bilingual financial education workshops, assistance for first-time homebuyers, and more to Ponce Bank’s Westchester Avenue Branch. Our community has needed increased financial services for decades. With this new designation from New York State, we will finally see increased support for our existing BIDs and better services to our busy corridors to bolster our local economy," said Majority Leader Amanda Farías, Council Member for District 18.

Bronx Community Board 9 District Manager William Rivera said, “Bronx Community Board 9 is proud to have supported Ponce's Westchester Ave Branch's application to become a Banking Development District (BDD). Ponce Bank has already proven to be a great partner to our community and now with this new designation as a BDD and access to state funding we can't wait for their new initiatives and expansion of services to come to fruition.”

Sasha Y. Ortiz, Executive Director of Castle Hill Business Improvement District said, “We are thrilled that our very own Ponce Bank in our district is designated as a Banking Development District bank. This benefits small businesses by providing greater access to affordable banking products and services, helping them manage their finances more effectively. The program also supports financial education and offers extended banking hours, making it easier for both small business owners and the community to access the resources they need.”

The designation of CD 9 is the result of strong community support from local organizations, residents, small businesses, and elected officials, as part of the BDD application process.

The branch is committed to increasing product affordability, expanding banking access, and increasing financial education initiatives that will foster personal and business growth and support financial empowerment and inclusion within the South Bronx community. New services include increasing access to low-cost bank accounts for unbanked members of the community, offering bank hours for New Yorkers with non-traditional work hours, expanding access to homeownership by providing a first-time homebuyer program that includes affordable mortgage products and downpayment assistance, and sponsoring bilingual financial education workshops.

The Ponce Bank branch marks the state’s fifty-sixth BDD designation. As of September 17, 2024, the State Comptroller’s office had deposits totaling approximately $ $530.3 million in 14 banking institutions that have opened branches in BDDs across the state.

Ponce Bank was founded in the Bronx in 1960 when most banks fled an area assumed to be in-decline. The bank's founders saw opportunity in an entrepreneurial community of immigrants and people of color that embodied the diverse cultures that make New York City one of the most innovative and welcoming cities in the world. The bank focuses on supporting small business, providing financial mastery education to our underserved, but highly deserving, communities, and real estate ownership, investment, and development with a particular emphasis on affordable housing. The bank now has 13 branches and 6 loan production offices throughout the NYC Metro Area, Union City New Jersey and now Coral Gables Fl, and has grown to nearly $3 Billion in assets. Ponce Bank is also now publicly traded (NASDAQ: PDLB).

Background

the Banking Development District program