....January 21, 11:50 PM
	Mayor Outlines Personal Finance Aid By Domenick Rafter Mayor Mike Bloomberg came to the new Frank Sinatra High School for the Arts in Astoria Wednesday to give his annual State of the City address which, though included an impromptu cheer for the AFC championship-bound New York Jets, outlined a series of plans and goals for the city's recovery from the biggest recession in decades. The mayor promised to tackle city residents' personal credit card and other debt that is contributing to the slowdown of the economy. He proposed a plan, called "NYC Safe Start" in which five banks and five credit unions have volunteered to open bank accounts for people with extreme debt. The accounts won't require minimum balances, and they won't charge hidden fees. Mayor Boomberg’s State of the City address in Astoria included a shout out to the New York Jets. "The City can't manage anyone's personal finances, but we can make it easier for New Yorkers to manage their own - and we will. We'll start by helping more New Yorkers get out of debt with a new public-private loan pool that will offer them a fresh start if they commit to sound financial practices," said Mayor Bloomberg . The mayor also announced the city is seeking the approval of the state legislature to strengthen local credit unions and seeks to deposit $25 million in credit unions that are federally insured and regulated and pay the same interest rates as commercial banks. He also announced that the city will focus on opening credit unions that specifically serve the public housing residents. The mayor cited Bishop Mitchell Taylor's work to establish a credit union in the vicinity of Queensbridge, the largest public housing development in the country as an example of the work that can be done. The mayor also announced plans to combat foreclosures, which he admits citywide have been low compared to other parts of the country, though Southeast Queens has some of the highest foreclosure rates in the nation. Bloomberg announced a plan he called "the most ambitious home foreclosure prevention effort of any city in the nation" in which the city will set up a $10 million fund to help 1,000 families restructure their mortgages. The fund - half of which will come from private sources, and half from the Battery Park City Authority - will provide those families with a one-time grant, which the Mayor says the city will recover when the homes are sold. "This will make them eligible for more of the loan modifications that are essential to stabilizing the housing market and allow them to keep their homes. We're the first City in the country doing this," the Mayor said. Reach Reporter Domenick Rafter at drafter@queenstribune.com or (718) 357-7400, Ext. 125.