August30,2011ANHDReader

8/4/2019 August30,2011ANHDReader

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This is the question at the heat of eey poposed bank ege. And it is a question that

we ae once again faced with as Capita One has poposed to acquie ING Diect USA,

an internet bank with $9 billion in deposits. The acquisition, the rst high prole mergersince the passage of Dodd-Fank, has ganeed nationa attention gien its potentia

fo ceating anothe too big to fai institution, the abiity of the eguatos to potect the

economy from systemic risk, and the benet to the public for allowing these institutions t

gow so age.Inside:

Eents p 4

Jobs p 5

Gants: p 1

the READERahdninc.

August 30, 20

Vol. XXXVI No.

Merger contd on p2

Are BiggerBAnks Better?

ANHD Boad ChaiDeb Howad at 2009gand opening ofCapita One banch Cinton Hi, an undebanked neighbohoo

The opening was paof the states BankinDeeopent Distic

poga.

As the bank continuto gow -- eitheoganicay o thougacquisitions -- ANHDuges the bank toeain coitted toNYC counities.

Photo: Jim Flood/NYT


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AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18feature

themerger would make Capital One the fthagest bank in the county behind Bankof Aeica, Chase, Wes Fago, and Citi. In tes ofdoas, the ege woud gie Capita One oe than$210 biion in deposits stetched oe 1,000 banchesnationwide and 149 in New Yok City.

Yet the size of Capita One is dwafed when copaedto Bank of Aeica, the nations agest bank with oea tiion doas in deposits. To put this in pespectie,Bank of Aeica contos oe 10% of the nationsdeposits and if the ege was appoed, Capita Onesti woud ony conto about 1.5% of the countys totadeposit base.

Gien Capita Ones ecent acquisition of the ceditcad diision of HSBC, the bank sees to be on anaggessie gowth tajectoy. Thus, it ay be ony aatte of tie befoe Capita One appoaches the sizeof its agest pees.

In any ways, howee, ANHD beiees theseaguents about what is too big is a distaction fothe coe issue: how esponsie banks ae to oca ceditneeds.

Seea ANHD epots hae docuented the wae ofeges that hae swept oe the ast decade.We hae found that as New Yok City cae to bedoinated by inceasingy age banks, the counitysuffeed as institutions becae ess ooted in ou

neighbohoods and ess focused on eeting ocacedit needs.

Fo eape, if you ook at a sape of ecenteges such as those between JPmogan Chase andWashington mutua, Bank of New Yok and meon, andTD Bank and Coece, the cobined actiities of theeged bank ae sae in at east one categoy thanthe two sepaate institutions.

In addition to educed ending and inestent,ANHD has found that as banks becoe nationa andintenationa entities, seices aso suffe since staff

hae to see a wide footpint with often the saeesouces.

This undeines the pincipa aguent offeed bybanks for why the merger will benet consumers, whichis that age institutions wi poide oe banches,ATms, and seices that wi see the conenience andneeds of oca esidents.

The poposed ege has aised othe issues aswe concening fai ending and abusie cedit cadpactices. Capita One, which geneates oe thanhaf its eenue fo cedit cads, has been houndedby citiciss that the copany iposes unfai ceditcad issuance standads as it eates to cedit seekesfo both woking cass and counities of coo whostugge to aintain high cedit atings. Futheoe,the bank has come under re for not allowing homebuyes with enty-ee FICO scoes of 580 to obtainFHA oans.

It shoud be noted that ANHD has had a ey positieeationship with Capita One since its enty into theNew Yok City aket in 2007.

In any ways, the bank is a ode when it coesto haing a stong tea that is ocay focused andcoitted to poiding a fu ange of einestentactiities. As Capita One continues to gow, ANHD

hopes that the appoach the bank has depoyed in NewYok City is epicated fa and wide.

Fo a ege of this size and one that wi set apecedent fo how the Fedea resee eguatesbanks in the post- Dodd-Fank ea, any fet that a 30day comment period was grossly insufcient.

led by the Nationa Counity reinestent Coaitionand rep. Baney Fank, hundeds of counity-based oganizations and adocates, incuding ANHD,subitted coent ettes deanding oe tie andadditiona oppotunities fo the pubic to be head.

The coent peiod, which was initiay schedued toend August 22, was ecenty etended to Octobe 12,2011. The Fed aso istened to the equest fo pubicheaings and schedued thee heaings fo this fa inWashington DC, Chicago, and San Fancisco.

You can incude you oice to the discussions bysubitting you coents to the Fedea resee. Ifyou woud ike to testify at one on the pubic heaings,you ust subit a witten equest. If you woud ike todo so, pease contact Dae Hanze at [email protected] and he wi gie you the aiing addess.

In n w aNhD in w i

i i dicin c i: w pnin c cdi nd.

AreBiggerBanksBetter?


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AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18feature


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AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18eveNts

rememberINg 9/11

In the spiit of the feowship and unity that boughtNew Yok togethe in the wake of the Septebe11 attacks, Counity Boad 1 inites eeyone to

join the fo Hand in Hand -- reebeing 9/11 as

we stand togethe to show ou esiience, unity andeebance.

On Satuday, Septebe 10th, 2011 at 8:46a,attendees wi coeoate the 10 yea anniesayof the Septebe 11th attacks, when thousands ofpeope wi gasp hands to fo a huan chain aongthe watefont fo the tip of lowe manhattan headingnoth.

Histoic Battey Pak wi be open fo isitos toattend, post a essage o eento on ou Wa ofreebance, potions of which wi be dispayedat the 9/11 meoia museu fo yeas to coe.

In addition, downtown non-prots will be hostingspecia counity seice pojects thoughout ouneighbohood and we inite you to get inoed andountee in the counity.

Paticipation in the eent is fee, but you ust pe-register through this site. Once logistics are nalized,we wi contact you pio to the eent with instuctionson which Check-In station to epot to on the oning ofSeptebe 10th to be assigned you pace in the chain.

To attend isit: http://www.handinhand911.og/egiste-now

bsDC & sIgNature baNk PreseNt thefIrst INvestor Program

Bidge Steet Deeopent Copoation and Signatuebank hae jointy aunched a Fist Inesto Poga; A10-week poga which teaches you how to inest instocks, bonds, and utua funds.

Each paticipant wi eceie a atching gant foSignature Bank and a personal nancial planner.Casses ae hed eey Tuesday beginning.

Septebe 20, 2011 6:30 p..-8:30 p..To quaify fo the poga, you ust hae at east$750 deposit in a Bank account and ean no oe than$55,000 pe yea.

Seats ae iited! Ca today to esee you seat!

456D Nostand Aenue, Bookyn, New Yok 11216(Entance on Jeffeson , net to Sistas Pace)718.636.7596 et 14

C Cic find kic-!

Thusday, Septebe 22, 2011 at vo de Nuit5:30 Pm - 8:30 Pm at vo de Nuit

148 W 4th St(between S Washington Sq & mac Douga St)

New Yok, NY 10012

www.odenuitba.co

Chhaya CDC inites a to join suppotes and fiendsas they get togethe, ea, and ceebate Chhayasaccomplishments with specialty Belgian beers, rafesand oe!Rafe items: gift certicates to restaurants, WNBAseason tickets, & any oe! Tickets: $10 at the doocomes with a rafe ticket!

Hosted by: Shoina Ahed, rina Biswas, JooK. mohiuddin, Ao and Een K. Pachnanda, SujithPapai, and Abbas Syed.

Based in Jackson Heights, Queens, New Yok, ChhayaCounity Deeopent Copoation (Chhaya) -eaning shete o shade is dedicated to ceatingoe stabe and sustainabe counities by inceasingciic paticipation and addessing the housing andcounity deeopent needs of New Yoks SouthAsians, new iigants and thei neighbos.

ANHD ebes accopish big things in housing. Hep us te these stoies.

s id wi t rd

Since our rst issue more than 30 plus years ago, The ANHDInc reade has featued copeing stoies of successes andchaenges facing NYCs affodabe housing oeent.Hep us to continue giing ou oeent a oice. Suggesta stoy idea, subit an atice, o initiate a featue on youoganization. Send you eai to [email protected]

the READER

ahdninc.

April12, 2011VolumeXXXVINumber8

ResidentscallforNYCommunityBanktoendMilk&RunLastThursday,tenantsof735BryantAveinthe

Bronxheldapress conferencetodemandaction.Thegoalwastobring attention tothedisinvestment

andphysicalneglectthathas plaguedtheirb uilding

foryears.

ResidentswerejoinedbyBronxBorough President

RubenD iazandCityCouncilSpeakerChristineQuinn, aswellas neighbors fromsurroundingbuildings as theycollectivelycalledon NewYork

CommunityBanktoputan endtotheserialneglect.Unfortunately,this is nota n isolatedincidentforNew

YorkCommunityBank,whichholds themortgageon

735Bryantas wellas 33 otherbuildings (includingcontdon p3

Above(l-r)B ronxBoroughPresidentRubenD iaz,735B ryantAvenueTenantAssociation PresidentGennetRileyandCityCouncilSpeakerQuinn duringthepressconference.Inset:Residents ofnearbybuildingsunderNYCBs portfolioexpress thoughts


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JOB POSTING: CONTROLLER REAL ESTATE

Unit: Finance Job Status: ExemptEmployee Type: Full-time/35 hours per week

Fifth Avenue Committee (FAC) is a nationally recognized South Brooklyn based, non profit, communitydevelopment corporation formed in 1978 that works to transform the lives of over 5,000 low and moderateincome New Yorkers annually so that we can all live and work with dignity and respect while making ourcommunity more equitable, sustainable, inclusive and just.

FACs mission is to advance economic and social justice by building vibrant, diverse communities whereresidents have genuine opportunities to achieve their goal as well as the power to shape the communitysfuture. 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 havedeveloped over 800 units of affordable housing, created job-training programs that have helped thousands ofpeople get good jobs, and organized community residents to win public policy changes. In addition to ourgrassroots neighborhood work, we are actively involved in broader coalitions and campaigns. FAC Asset andProperty Management and Finance Units serve nearly 600 units of affordable, mixed-income and mixed useproperties financed through a range of federal, state and local government and private financing includinglow-income housing tax credits and supported by Section 8 and other government subsidy programs in agrowing portfolio.

The Controller position reports to the Director of Finance and IT. This position is responsible for all areasrelated to the financial oversight and reporting of FACs property management portfolio and thecorresponding subsidiary and affiliate ownership entities. The Controller supervises the Realty AccountingBookkeeper, 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 andaccurate manner. The Controller works closely with FACs Director of Finance and IT to coordinate theannual audits and collaborates with the Director of Asset and Property Management and the Director ofFinance 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 ensureaccuracy 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

AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18


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AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18resourCes

Pjc mnNeighborhood Restore HDFC (NR) and Restored Homes HDFC (RH), two related non-prot housing developmentcopoations ae ooking fo a PrOJECT mANAGEr who cananage a potfoio of sites and oesee popety anageent and deeopent actiities fo those sites.

Specic responsibilities include: oversee the property managers in activities including development and approval ofannual budgets and building stabilization plans, review monthly nancial positions, coordinate emergency repairs, andfaciitate poductie tenant eations, in addition to woking with HPD, piate funding institutions, and othe City agenciesto assist developers to complete scopes of work and nancing options, rehabilitation plans, tenant communication andconstuction oan cosing.

Qualied applicants to this position would possess a masters degree in planning, real estate nance, businessadministration or comparable eld and a minimum of 4 years of work experience in the areas of housing or community

deeopent, popety anageent, o panning is equied. Wok epeience with the City of New Yok and faiiaitywith NYC neighbohoods and a aid dies icense is pefeed.

Pease eai esue to: [email protected] restoe is an Equa Oppotunity Epoye.

bd mn tinClinton Housing Development Company (CHDC) is a non-prot organization that develops, manages and owns affordablehousing in manhattan. CHDC is ooking fo a Buiding manage Tainee who is inteested in affodabe housing andcounity deeopent.

The Buiding manage is esponsibe fo anaging the day-to-day anageent of buidings as assigned. Each buiding

anage is assigned cetain buidings fo which s/he is the piay contact peson. Buiding manages ae actie on-caduing the week and on assigned weekends and hoidays on a otationa basis.rpniiii

Pocess buiding aintenance and epai pojects and equests fo assigned buidings; monito copaint og daiy,pocess a equests, and concens as necessay; reiew and appoe a bis and inoices fo assigned buidings;Ensue that egua aintenance pocedues occu, incuding but not iited to fue deiey and eteination fo aCHDC buidings; Poduce weeky epots fo depatenta open tasks.

Minimum QualifcationsComputer literacy including MS Ofce; Excellent administrative and organizational skills; Strong written and oralcounication skis; Abiity to jugge utipe tasks; Abiity to wok within tiefaes; Spanish speaking a pus.

s rn$33,000 - $38,000 (esident) $35,000 - $40,000 (non-esident)

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Bidge Steet Deeopent Copoation is seeking a candidate fo Counity Oganize.

Di nd rpniiii: 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 whatissues wi ipact deeopent. Woks with Housing Goup staff to ipeent pans to addess issuesesuting fo assessents. Develops and implements neighborhood-based educational programs on issues related tohoeowneship. Partners with community residents in the development of block and tenant associations. Supports existing block and tenant associations. Organizes new tenant and block associations. Identies and helps develop neighborhood leadership. Attends regular community meetings, such as the 79th Precinct Council, 81st Precinct Council andCounity Boad #3, and othe Centa Bookyn Pecinct Councis and Counity boads.

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.

Qualifcations/Requirements:

Bachelors degree. Minimum of ve years experience working within the community development eld, Demonstrated experience in organizing and developing resident leadership, leveraging nancial and

technica esouces to poduce tangibe ipoeent in neighbohoods, and faciitating coaboatieefforts among community leaders, non-prots and public agencies. Self-starter. Ability to work independently. Demonstrated leadership capacity and sound judgment Computer literacy with prociency in MS ofce 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.

t app:Pease send coe ette and esue to:

Ieba rodiguezHoeowneship Seices manage

Bidge Steet Deeopent Copoation460 Nostand AenueBookyn, NY 11216

F. (718) [email protected]


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10/13

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multIfamIly eNergy INNovatIoN fuNDHUDs Ofce of Affordable Housing Preservation(OAHP) is issuing a NOFA fo the mutifaiy EnegyInnoation Fund. This fund poides a tota of $25iion in gants to be used fo the pupose of enegyefciency upgrades at multifamily properties. Thegoas of this NOFA ae to:

(1) Deonstate soutions to the piay andongstanding chaenges to ipeenting enegyefciency and renewable energy improvements, ineisting affodabe utifaiy popeties.

(2) leeage piate capita and additiona pubicfunding to demonstrate proof of concept of specicodes.

(3) Conduct appied eseach to docuent and

disseinate ainstea, scaabe appoaches toretrotting affordable multifamily properties.The oea objectie of the Enegy Innoation Fund isto help catalyze a home energy retrot market in theUnited States by acceeating piate inestent incost-saving energy efciency retrots in the residentialsecto. Innoatie and epicabe stategies to ipoethe usefuness of eisting HUD pogas--as we asdeveloping new nancing tools--will lead to signicanteductions in enegy consuption, opeating costs,and the cabon footpint of both affodabe andaket-ate housing.

Appicants can join HUD fo a webcast on Septebe19, 2011, fo 11:00a-12:30p. HUD wi pesentthe highights of the NOFA and answe questions.You wi be abe to iew the fu NOFA pio to thewebcast, as it is aaiabe on HUDs website today.The Enegy Innoation NOFA can be found at: http://www.hud.gov/ofces/adm/grants/nofa10/grpeif.cfm

Appicants ae einded that when appy fofunding though Gants.Go, egistation is equied.registation is a uti-step pocess. Fo infoation

go to http://www.gants.go/appicants/get_egisteed.jsp and cick on Oganization registation.registation wi aso poide you with autoaticupdates to the NOFA.

Appications fo Enegy Innoation Funds gantsust be eceied by HUD no ate than Octobe 20,2011. Detaied appication instuctions ae incudedin the Genea Section of HUDs FY 2010 NOFAs foDiscetionay Pogas, and in the Enegy InnoationFund NOFA.

In adance of the webcast, pease send youquestions to:[email protected]

The webcast on Septebe 19, 2011 can be iewedat: http://pota.hud.go/hudpota/HUD?sc=/webcasts/schedue

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

assessmeNt aND traININg of the 37resIDeNt assoCIatIoNs-NyCha maNhattaNNorth DIstrICt

The NYC Housing Authoity is pepaing to poidefunding fo Assessent and Taining of the 37resident Associations-NYCHA manhattan NothDistict.

The goa of the consutant seices to poide

assessent and anageent taining seicesto the 37 esident associations, epesenting theesidents of pubic housing in Uppe manhattan,that copise the manhattan Noth Distict to assistthe in deeoping and achieing thei goas andobjecties in ode to incease thei effectieness.The aount of the ageeent wi be based upon thefees poposed by the Consutant, but in no eent shait eceed $95,000.00 and te sha be fo a peiodof si (6) onths. A poposas ust be subitted inaccodance with Section Iv.B. Poposa Packagingand Subission requieents of the soicitation.

Eectonic esponses ae not peissibe and wi bedeeed non-esponsie.

The deadine fo this gant is Septebe 16, 2011. Aquestions egading the soicitation ust be subittedin witing and eceied by NYCHA, no ate than1:00 Pm on Septebe 2, 2011. Questions sha bediected to NYCHA`s Soicitation Coodinato-rFP28672, Sunny Phiip, NYCHA, Genea SeicesDept., 90 Chuch Steet, New Yok, NY 10007.NYCHA wi poide a questions and answes to apaties that eceied a copy of the soicitation no ate

than 1:00Pm on Septebe 8, 2011.

link: http://a856-intenet.nyc.go/nycendoonine/endoseach/asp/Postings.asp?eq_id=20110823008

2


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3 AUGUST 30, 2011 vOlUmE xxxvI, NUmBEr 18

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Documents

August30,2011ANHDReader