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The Build NYC Resource Corporation (Build NYC) today announced it is now accepting applications from New York City non-profit organizations for tax-exempt financing that will allow them to build, expand or upgrade their facilities. Build NYC – a new local development corporation administered through NYCEDC – held its initial organizational meeting today, and can now provide access to financing for non-profit organizations across the City after a four-year absence of a city-based tax-exempt bond issuer for non-profits. A portion of the State law allowing industrial development agencies to financially assist non-profits expired in early 2008 and since then at least 16 New York City institutions have sought assistance from out-of-state and out-of-city bond issuers in order to finance and/or refinance projects totaling more than $489 million, according to an NYCEDC analysis. There are now an estimated 20 non-profit capital projects in the pipeline, which since 2008 have been unable to identify a source for access to tax-exempt financing. As is the case with the Industrial Development Agency, financing for eligible entities is subject to approval by a board of directors that is comprised of representatives appointed by the Mayor’s office, all five Borough Presidents, and the Comptroller.
“Through the creation of Build NYC, the City will once again be able to address the significant financing challenges that the City’s non-profit organizations so often face,” said Build NYC Chairman Seth W. Pinsky. “Non-profits are a critical piece of New York City’s economy, and Build NYC will help them reduce the costs of capital projects, thereby allowing them to expand their operations and bring much needed services to New Yorkers across the five boroughs.”
“Build NYC will provide critical financing options to our City’s non-profit organizations, a sector that plays a crucial role in the growth of our City’s economy. This new funding opportunity will help allow much-needed projects to move forward, and I looking forward to working through the Build NYC program to strengthen our not-profits not just in the Bronx but across the City,” said Bronx Borough President Ruben Diaz Jr.
“The name of this bond issuer says it all – Build NYC Resource Corporation – an entity focused on building and brightening our city’s future,” said Queens Borough President Helen Marshall. “I welcome its return and thank EDC President Seth Pinsky and all those who helped to restore this valuable resource for non-profit organizations. I urge all those qualified to apply for these tax-exempt bonds that can play an important money-saving role in their future plans. During this challenging economy with its attendant rising needs, Build NYC’s return is most welcome.”
The inability of the City to assist these non-profits has in some cases needlessly raised the non-profits’ costs or forced them to forgo projects that would create jobs and offer additional educational, health or artistic resources to New Yorkers. Approximately 470,000 people are employed at more than 42,000 health, human services and cultural nonprofit organizations in New York City.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
The Build NYC Resource Corporation (Build NYC) is administered by NYCEDC and assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. As a conduit bond issuer, Build NYC’s primary goal is to facilitate access to private activity tax-exempt bond financing for not-for-profit institutions. To request information on Build NYC, call (212) 312-3600 or e-mail firstname.lastname@example.org.