Note: This is a summary of one of the stories from the latest webcast of The NonProfit Times TV.
In an effort to help NYC nonprofits get low cost, tax-exempt financing, Mayor Michael Bloomberg is starting a new agency. Called the New York City Industrial Development Agency (NYCIDA), it previously issued tax-exempt bond financing for nonprofits capital projects. But since January 2008, it hasn’t been able to deliver such financing because of a change in the law. Under its new form, NYCIDA will provide financing to help NYC nonprofits expand or upgrade their facilities.
The new agency is sure to be a welcome addition to nonprofits in the Big Apple, many who have gotten the their funding from other states. According to the Mayor’s Office, more than a dozen groups have gotten out-of-state funding, totaling more than $337 million since June 2009.