Read our step-by-step guide to the NYCIDA application process and review timing and fee schedules.
Application Process Steps
Meet with NYCIDA staff for preliminary assessment of eligibility.
Note: NYCIDA assistance must be requested AND approved before entering into project commitments unless existing commitments are contingent upon NYCIDA assistance. Before you enter into any contracts, contact NYCIDA for conditional language that must be included. Agency staff will provide application materials.
NYCIDA benefits are discretionary and are intended to assist projects that meet New York City goals and that would be beneficial for the City. To be considered for benefits, a company must first make an inducement argument, demonstrating that without the incentives the project would not occur as proposed. NYCIDA transactions also aim to maximize City returns, while recognizing private sector operating realities.
Companies seeking discretionary benefits from NYCIDA must demonstrate the following basic requirements:
- The need for benefits for the project to go forward as proposed
- Substantial capital investment, together with retention and growth of employment as a result of the project
- Substantial increase in tax revenues to the City or other public benefits as a result of the proposed project
Selection criteria also include:
- Eligibility of project and applicant under applicable laws and regulations: Uniform Tax Exemption Policy
- Bond transactions must be eligible under the Internal Revenue Code
- Applicant's ability to pay for proposed project, and ability to obtain financing commitments from third-party sources
- The applicant must make a commitment to the HireNYC Program, and provide a living wage (if it applies)
Prepare the notice of hearing by submitting the Core Application (pages 1-16).
This step must be taken at least seven weeks before the NYCIDA Board Meeting. Once you have met with NYCIDA staff to assess the eligibility of your project, the public must be notified of your intent to apply for NYCIDA benefits. To be considered for the next NYCIDA Public Hearing, please complete and submit the Core Application by the Core Application deadline, which can be found on our Board Meetings & Public Hearings page.
Submit the remainder of the application for NYCIDA incentives by the deadline.
Upon submission of your application, an NYCIDA project manager will work with you to review your eligibility and confirm the scheduling and timing of your application.
As part of assessing eligibility and benefit levels, NYCIDA performs analyses to determine the net fiscal impact on the City of providing the benefits requested. Our cost-benefit analysis describes the assumptions and methodologies used in an analysis of the costs and benefits of projects. The cost-benefit will be made available to the public at the public hearing.
NYCIDA Public Hearing
NYCIDA posts a notice of Public Hearing with a short description of proposed projects thirty days before a Public Hearing. Once structured, the proposed project and project materials are posted on our website for review in advance of a public hearing. The notice, materials, and upcoming hearing dates can all be found on our Board Meetings & Public Hearings page. For additional information on NYCIDA Public Hearings, please email PublicHearings@nycedc.com.
NYCIDA Board of Directors Review and Vote
NYCIDA's Board of Directors reviews projects prior to the meeting, then discusses and votes on each project during the meeting.
Inducement is the first required approval of the project by the Board of Directors, requiring an environmental determination through the State Environmental Quality Review Act.
Authorization consists of Board approval of the financing terms for the project to proceed. It is highly recommended that both inducement and authorization occur during the same Board Meeting.
Bond program transactions require additional steps of approval:
- After obtaining NYCIDA Board of Directors' authorization, bond transaction applicants must request the Mayor's sign-off pursuant to Tax Equity and Fiscal Responsibility Act ("TEFRA"), typically obtained within two weeks.
- For public offerings, marketing the bonds to investors commences upon receipt of TEFRA sign-off.
If the Board approves benefits, the deal is memorialized in a binding, multi-year contract executed by NYCIDA and the recipient. Contracts are drafted to ensure that recipients meet agreed-upon conditions to maintain benefits.
Transactions eligible for assistance that have financing commitments can typically complete the application and approval procedures within ninety days or less.
For the most part, triple tax-exempt bond proceeds may be used to reimburse project expenditures incurred no earlier than sixty days before NYCIDA Board of Directors Inducement.
The application process has a non-refundable fee of $5,000 for companies that appear qualified to progress to the application stage. For companies seeking commercial growth incentives, the non-refundable fee is $15,000, payable in two equal installments: 1) when the application is submitted and 2) upon execution of the Inducement Resolution indicating preliminary approval by the Board. All of the above fees are deducted from the total project fee, which is due to the Agency at closing. There may be additional fees specific to each program. View the documents below for more details.