New York Fed President Dudley Participates in Bed-Stuy Roundtable Discussion

Brooklyn, N.Y. -- On his first trip to the nation's oldest community development corporation, Bedford Stuyvesant Restoration Corporation, William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, participated in a roundtable discussion with community leaders and local residents on issues ranging from foreclose prevention to small business lending to housing and commercial development.

"It was a great opportunity for the Federal Reserve to hear from a diverse group of citizens and community leaders on issues facing our city. Access to credit and financing for all communities is particularly important during this time," said President Dudley.

President Dudley was welcomed by BSRC president, Colvin W. Grannum who led the tour of the 300,000 square foot commercial, cultural and community facility known as "Restoration Plaza." Restoration Plaza is home to Restoration's comprehensive community development programs as well as two commercial banks, Central Brooklyn's largest supermarket, its only nationally branded full service restaurant, the College of New Rochelle, the Obie award winning Billie Holiday Theatre and other commercial businesses and nonprofit organizations.

“President Dudley and his staff at the New York Federal Reserve Bank offered the directors and staff of Restoration an opportunity to share our experiences in assisting residents of Central Brooklyn in dealing with the current economic crisis. Our discussion covered the need for increased financing for small businesses and affordable housing projects, both rental and homeownership, and greater coordination in combating mortgage foreclosure and access to financial education. We were much encouraged by Mr. Dudley’s interest and accessibility and look forward to maintaining an open communication with the Bank,” said Colvin Grannum, president of Bedford Stuyvesant Restoration Corporation.

During the tour, Dudley spoke to a client of Restoration’s Financial Empowerment Center, which provides residents with financial counseling, and a recent graduate of the New York City Justice Corps, which targets formerly incarcerated young men and women ages 18 to 24. Following the tour, Dudley visited with about 20 community leaders who serve as members of the Coalition for Improvement of Bedford Stuyvesant (CIBS), along with board and staff members of the Bedford Stuyvesant Restoration Corporation.

Lesia Bates Moss, President of Seedco Financial and Restoration Board member said, “the meeting with President Dudley was encouraging and sends a strong positive message that we are all in pursuit for solutions to build sustainable communities. As head of a national financing intermediary, I was reinvigorated by the level of President Dudley's interest in providing innovative ways to expand capital access to community development activities, particularly in the area of small business supports and homeownership."

About Bedford Stuyvesant Restoration
Bedford Stuyvesant Restoration Corporation, the nation's first community development corporation, partners with residents and business to improve the quality of life of Central Brooklyn by fostering economic self sufficiency, enhancing family stability and growth, promoting the arts and culture and transforming the neighborhood into a safe, vibrant place to live, work and visit.

A 501(c)(3) nonprofit corporation, Restoration is a dynamic institution that creates significant, sustainable and demonstrable impact in improving the well being of local residents and business.


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