NYCIDA to Aid Expansion of Two Not-For-Profit Organizations in Brooklyn
New York City Industrial Development Agency (IDA) approved financing assistance for two Brooklyn-based not-for-profit organizations, the Auditory/Oral School of New York and the Center for Nursing and Rehabilitation. The projects are expected to retain and create more than 520 jobs. IDA is administered by the New York City Economic Development Corporation.
“IDA is proud to help organizations like Auditory/Oral School of New York and the Center for Nursing and Rehabilitation reduce capital project costs to increase their services to children and elderly New Yorkers while creating jobs,” said Interim IDA Chairman Joshua J. Sirefman. “The expansion projects join the more than 227 projects IDA has helped fund since 2002, creating and retaining more than 85,500 jobs and spurring billions of dollars in private investment across New York City.”
The Auditory/Oral School of New York, a not-for-profit that provides a range of services to deaf and hearing impaired children of pre-school age, will use up to $9 million in tax-exempt bond financing to acquire, renovate, and equip a 31,000-square-foot, five-story facility on Avenue M in Brooklyn. The new location will allow the organization to consolidate three existing facilities and provide a better learning experience for the school’s students, while retaining 58 jobs and creating 12 new positions. IDA also approved a mortgage recording tax waiver of $224,000. The total project cost is expected to be about $8.8 million.
“The new facility will achieve the school's goal of mainstreaming hundreds of deaf and hearing-impaired children for their first year of elementary school, while providing space that will maintain the schools low student to teacher ratio," said Auditory/Oral School’s Counsel, Ed Ambrosino. "We would like to thank IDA and its staff for the tremendous assistance provided in realizing this project."
IDA approved approximately $22 million in bonds and a mortgage recording tax waiver of $617,400 for the Center of Nursing and Rehabilitation. The not-for-profit organization, which provides healthcare services to the elderly, will use the bond proceeds to refund outstanding bonds issued by the Dormitory Authority of the State of New York (DASNY) in 1997 to build a 22,405-square-foot facility and to renovate an existing facility, both on Prospect Place in Brooklyn. The renovated facility opened in February 1978, and the newly constructed facilities opened in June, 1999.
The New York City Industrial Development Agency provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. IDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. IDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information on IDA programs, call (212) 312-3600 or e-mail [email protected].