Assemblywoman Jean-Pierre’s Bill Provides Banking Opportunities for Underserved Communities

Assemblywoman Kimberly Jean-Pierre (D-Babylon) announced a bill she authored to extend a program that expands banking services to underserved areas across New York State passed the Assembly (A.9480). The bill extends the Banking Development District Program through 2022.

“By continuing this vital program, we are helping local businesses access capital, individuals access financial services and communities invest in their future,” said Jean-Pierre. “Banking services are essential in the 21st-century economy and can help ensure every New Yorker has the opportunity to succeed.”

Created in 1997, the Banking Development District Program allows municipalities to offer certain incentives, like reduced rates for municipal and state deposits and partial exemption on property taxes, to encourage banks to create branches in underserved areas. Greater access to banking services stimulates job creation, individual wealth, community development and revitalization.

Since its inception, some 40 bank development districts have been created. The first one created on Long Island was in Brentwood. Recently, Wyandanch was designated as the second bank development district. “This extension will ensure these institutions can continue to participate in the program,” Jean-Pierre noted.

“As we continue to recover from the recent economic recession, it is vital that we invest in measures that facilitate economic activity and, in turn, economic growth,” said Jean-Pierre.