[Congressional Record (Bound Edition), Volume 146 (2000), Part 17]
[Extensions of Remarks]
[Page 24684]
[From the U.S. Government Publishing Office, www.gpo.gov]



TRIBUTE TO THE SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION ON 
                          ITS 28TH ANNIVERSARY

                                 ______
                                 

                          HON. JOSE E. SERRANO

                              of new york

                    in the house of representatives

                       Tuesday, October 24, 2000

  Mr. SERRANO. Mr. Speaker, I again pay tribute to the South Bronx 
Overall Economic Development Corporation for its 28 years of fruitful 
service to the South Bronx community.
  In 1972, U.S. Senator Jacob Javits, New York State Attorney General 
Robert Abrams, and six major banks joined together to establish the 
South Bronx Overall Economic Development Corporation (SOBRO). The 
corporation was founded at a time when the South Bronx was suffering 
from major economic devastation, jobs were scarce, and people were 
leaving the area.
  Over the past 28 years, SOBRO has successfully encouraged investment 
and economic growth in the South Bronx and has provided education and 
job training to area residents. Among its many accomplishments, SOBRO 
has trained or placed in jobs more than 20,000 residents, created or 
retained more than 30,000 jobs in the area, stimulated more than $120 
million in investments, and assisted in the reconstruction of 
commercial districts.
  In collaboration with Mott Haven Neighborhood Strategies Project, 
SOBRO has been successful in training residents and placing them in 
jobs with businesses in empowerment zone areas. SOBRO also provides 
business training and technical assistance to minority entrepreneurs. 
It has also established a credit loan program to facilitate financial 
services, including loans for small businesses.
  In addition, by forming partnerships with local businesses and area 
high schools, SOBRO has succeded in providing valuable internship 
programs and part-time jobs for high school and intermediate school 
students. The organization also trains adults in many skills including 
cable installation, computer repair, home health care, customer 
service, and building maintenance.
  Moreover, SOBRO has assisted in the transformation of abandoned 
buildings into affordable housing and commercial space. It currently 
has many projects underway, including the reconstruction of a 60-unit 
housing project for people living with AIDS. In addition, SOBRO has 
been successful in renovating Bruckner Boulevard, which has attracted 
many artists, antique shops, and other businesses to the area.
  Changes in the welfare law are placing greater constraints on 
organizations like SOBRO that are trying to assist people in need. 
Despite this, SOBRO has continued to provide quality services to low-
income South Bronx residents and to attract businesses to the area.
  I would like to especially compliment this year's honorees, Maura 
Markus, President Citibank North America, Ken Williams, District 
Manager, The Home Depot, Bernard Beal, CEO, M.R. Beal & Company, and 
Dave Valentin, world-renowned jazz flutist, for their leadership in 
improving the quality of life in our community.
  Mr. Speaker, it is an honor for me to recognize SOBRO for it 28 years 
of achievements, training and educating the youth, spurring economic 
growth, and beautifying our South Bronx congressional district.

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