Mayor Adams inaugurates bank headquarters and reveals that families received $280 million more in tax credits

Mayor Eric Adams was the guest of honor at the grand opening of the Urban Upbound Federal Credit Union branch, which will be located at 31-35 Steinway Street in the Astoria neighborhood of Queens. And in addition to cutting the ribbon to officially open the bank headquarters, promoted by a financial services support organization for young people and adults living in public housing and other low- and moderate-income neighborhoods, the local leader praised one of its signature projects.

The mayor revealed that the so-called enhanced Earned Income Tax Credit (EITC) delivered more than $280 million to low-income taxpayers and families, additional money that benefited at least 746,000 New Yorkers, helping them pay for essential items, food, rent and utilities. This tax credit was expanded for the first time in almost 20 years in 2022 and in the 2023 tax season, reaching $345 million in the pockets of New Yorkers living in low-income communities in the city.

“Two years ago, we successfully advocated for Albany to expand the Earned Income Tax Credit for the first time in 20 years, and because of our efforts, last year, we put $345 million back into the pockets of working-class New Yorkers, a 432% increase over the previous tax season,” the Mayor said.

“More than 746,000 New Yorkers have received the benefit and we will continue to fight to make New York City more affordable so that all families can continue to thrive in the greatest city in the world. We are also proud to offer a variety of services and supports through our financial empowerment programs, including by partnering with organizations like Urban Upbound.”

Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga said that the free tax preparation services offered by the City largely contributed to more taxpayers having access to more refund money and saving.

“Our NYC Free Tax Prep program put more money back into the pockets of New Yorkers, from saving our neighbors nearly $24 million in tax filing fees in the 2022 and 2023 tax seasons to helping taxpayers obtain millions of dollars in vital tax credits, like the enhanced NYC EITC,” she said.

Bishop Mitchell Taylor, co-founder of Urban Upbound, said the new Astoria branch will provide more financial opportunities for low-income families.

“Urban Upbound Federal Credit Union stands as a beacon of economic empowerment and self-sufficiency, and serves as a vital cornerstone alongside tax preparation and the Earned Income Tax Credit to uplift and strengthen our community,” the faith leader said.