Catalyzing Futures: How the Strategic Investments Group Promotes Job Growth and Development
Women In Need, Inc. is a not-for-profit organization that provides housing, health services, employment assistance, and educational programming for homeless families in New York City.
Today, WIN operates 11 shelters across Manhattan, Brooklyn, and the Bronx, serving over 4,500 people—including 2,700 children—every night.
Currently based in Midtown, the need for their services has been growing, and WIN is expanding to a new facility in Harlem where they’re also operating a refurbished affordable housing development. WIN is set to develop a three-story office building—ideally, as soon as next year—where they will be able to hire 13 new employees in addition to their existing 60 employees.
When organizations like WIN expand their operations, they usually need loans to help them do so. But getting financing from a private bank to help increase their services can be prohibitively expensive.
Enter NYCEDC’s Strategic Investments Group (SIG).
Two of SIG’s programs, Build NYC and the Industrial Development Agency (IDA), step in to help important New York City employers move forward with major capital projects. Build NYC specializes in providing tax-exempt bond financing for a variety of non-profit and for-profit projects, while the Industrial Development Agency’s work includes tax benefits and abatements to assist in catalyzing innovative commercial and industrial projects which grow quality jobs and enhance the city’s economy.
Tools like tax-exempt bond financing and tax benefits are crucial to the City’s efforts to drive the local economy by making sure companies that create well-paid jobs and connect New Yorkers to inclusive and innovative opportunities are able to find space in the five boroughs.
Every month, Boards of IDA and Build NYC convene to assess proposals from companies and not-for-profit organizations seeking bond financing or tax benefits to acquire or renovate facilities.
Its decisions are based on many factors, including the viability of the business, what the funds would be used for, and whether or not the assistance is necessary for the business to move to, relocate within, or expand in New York City.
Back in November, the Build NYC Board of Directors approved Women in Need’s application for tax-exempt bonds, to be used for the construction of WIN’s brand new 14,109 square foot, three-story building in Harlem. BuildNYC’s work makes possible an expansion that otherwise may not have been attainable—and help Women In Need serves those who truly are in need.
Deals like this are more than just numbers on an economic impact study; they help make New York City the economy—and the city— that we want it to be.