Comptroller Dugan Tours Dallas

""Comptroller of the Currency John C. Dugan"":http://www.occ.gov/dugan.htm recently toured two Dallas neighborhoods where low- and moderate-income homebuyers are being given affordable opportunities to own a home.
Dugan described one of these neighborhoods in South Dallas as being hit hard by foreclosures. But he praised a local community development corporation (CDC) for stepping up to the plate and helping to stabilize the neighborhood through a project that provides low-cost housing to families that have been displaced or are looking to attain the American dream of homeownership.
The other community in West Dallas, Dugan said, is being revitalized by non-profit organizations and another CDC. These groups are developing homes to replace blighted structures and a public housing project, which has since been torn down.
While traveling through Dallas, Dugan also visited with small and medium-sized businesses that, at a time when credit lines are still constricted, have obtained loans from national banks and their lending partners through the New Markets Tax Credit Program and other government financing initiatives. Dugan said these businesses were able to expand their operations and create new jobs because of this government-aided funding.
""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,"" Dugan said. ""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.""
Dugan added that with incentives provided by the Community Reinvestment Act and government programs, national banks are able to provide marketable loans that can create a sense of renewed confidence in communities struggling in the wake of the financial and housing crises.
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.