NYCEDC's Compliance Department is responsible for the management, reporting, and oversight of a portfolio consisting of NYCIDA and Build NYC post-closing transactions and agreements, NYCEDC land sales, and NYCEDC loan and guarantee programs.
Compliance works with a team of various NYCEDC departments, the portfolio’s project companies, and consultants to ensure ongoing compliance with project documents as required under State and Local laws by collecting annual employment and benefits information for disclosure in public reports and benefits summaries. Preparation of these reports and summaries are a critical function of the Department and are ultimately subject to review by the City Council, the State Comptroller, and the State Authority Budget Office.
In addition to public reporting, Compliance provides comprehensive project management for the portfolio through the organization of various Compliance Committees and management of NYCEDC’s companywide transactional database. These efforts include monitoring contract requirements, lease covenants, construction milestones, coordinating termination of compliant and non-compliant projects, requests for delinquent payments, and benefits recapture. Compliance works closely with NYCEDC’s legal department, outside Counsel, the City’s Department of Finance, and the State’s Department of Taxation and Finance.
To ensure that the companies are fulfilling requirements of their agreements, all recipients of NYCIDA or Build NYC benefits must submit (at least) annual reports, certified by a company officer and supported by relevant data, which include:
- Employment at valid project locations
- Occupancy surveys
- Statement of benefits received
- Proof of valid insurance
- Confirmation of project completion
- Other documentation as needed
- Failure to comply with the terms and requirements of project documents may lead to default, termination, or suspension/revocation of benefits. Penalties and/or interest may also be due.
Visit the Compliance Reporting page to download documents necessary for NYCEDC, NYCIDA and Build NYC compliance reporting.