May 27, 2009
Statement of Comptroller of the Currency John C. Dugan Following Tour of West and South Dallas
DALLAS — Following a tour of successful community development projects in Dallas, Comptroller of the Currency John C. Dugan issued the following statement:
Today, I visited two neighborhoods in which low- and moderate-income homebuyers are being given a chance to own a home affordably. One of these neighborhoods in South Dallas has been hit hard by foreclosures and is being stabilized by the efforts of a local community development corporation (CDC). The other community in West Dallas is being revitalized by the development of homes by non-profit organizations and another CDC to replace blighted structures and a public housing project, which has since been torn down.
I also heard from a successful small business owner who obtained a loan through ACCION Texas, a non-profit microenterprise development organization, which helped her create a language translation business. ACCION received significant capitalization for its loans from some of the national bankers who joined us on the tour today, and who periodically refer borrowers who do not qualify for bank lending programs to ACCION for technical assistance and funding.
I also had the opportunity to visit small and medium-sized businesses that are receiving financing from national banks and their lending partners through the New Markets Tax Credit Program and other government financing initiatives. The businesses I visited were able to expand their operations and create new jobs because of the financing they received through national banks and their partners participating in these and other programs.
I continue to be impressed with how important bank – community partnerships, such as the Dallas Community Development Partnership, are to the economic well-being and vitality of declining neighborhoods. When national banks partner with community-based organizations and local governments, major investments in housing and community development are not only economically sound and profitable, but are also successful in bringing jobs and homeownership back to economically distressed communities. With incentives provided by the Community Reinvestment Act and government programs, national banks are able to provide marketable loans that create a sense of renewed confidence in these communities.
Since assuming office in 2005, Comptroller Dugan has met with community leaders from across the country and toured community development projects in Pittsburgh, Chicago, New York, Washington, D.C., Los Angeles, and Dallas.