New York CUs Eye DevelopmentDistricts

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ALBANY, N.Y. - (03/30/06) -- The state Assembly last weekapproved a bill that would allow credit unions to join banks andthrifts in participating in the state's Banking DevelopmentDistrict Program. The program provides property tax breaks to banksand thrifts that site branches in specially delineated developmentdistricts in inner city and low-income communities, and allowsmunicipalities to deposit funds in those institutions at specialrates. The bill now goes to the Senate for a vote.

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