Federal Deposit
Insurance Corporation

From: ed@ppcdc.org [mailto:ed@ppcdc.org]
Sent: Thursday, October 14, 2004 3:14 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429
RE: RIN 3064-AC50

Dear Mr. Feldman:

I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, Patterson Park Community Development Corp., knows firsthand that the CRA has been instrumental in increasing homeownership, boosting economic development, and expanding small businesses in the nation’s low- and moderate-income communities.

The Patterson Park CDC has been revitalizing neighborhoods in East Baltimore since 1996. The CDC has borowed over $25,000,000 for investment in housing development.

When it started, it was a very small organization, with a staff of two. The only financial institutions that would lend to us were small Savings and Loans, and similatr institutions. The Community Reinvestment Act was an important consideration for them.

Because of the CDC's efforts, the neighborhoods north of Patterson Park have completely turned around, with new buyers moving into renovated townhouses. It is very exciting and would not have happened without the Community Reinvestment Act.

The proposed FDIC rule would exempt many of our community’s key financial partners from the effective and productive requirements currently in place. We oppose any increase to the threshold of what is considered to be a small bank,and we urge the FDIC withdraw its proposed rule Sincerely,

Ed Rutkowski
Patterson Park Community Development Corp.
2900 East Baltimore Street
Baltimore, MD 21224