Nonprofit Westchester backs Local Development Corporation

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A group representing the county’s nonprofit sector has endorsed having a Local Development Corporation to give groups tax-exempt financing for building projects.

The LDC was created last year by Westchester County Executive Rob Astorino. But the Board of Legislators declined to ratify his version and is working on compromise legislation now. The delay is holding up some projects.

Here is Nonprofit Westchester’s statement:

Nonprofit Westchester announced today that it strongly supports having a Local Development Corporation for Westchester County, which gives nonprofit organizations access to low interest tax-exempt financing for major projects.

Executive Director Joanna Straub explains: “The Westchester County Industrial Development Agency no longer has the legal authority to serve the nonprofit community. It is important that hospitals, education and cultural institutions, and other nonprofit entities have the same low-interest financing opportunities as private companies to help advance the county’s economic development agenda. Low-cost financing will enable the nonprofit sector to cost-effectively further their noble missions of service to the community.”

We congratulate the Westchester County Association for their leadership on such an important issue to our members, and are pleased to be joining them in this effort.

About Nonprofit Westchester: The nonprofit sector is comprised of over 5,000 organizations in Westchester who collectively employ nearly 100,000 people. Nonprofit Westchester is a membership organization that advocates on behalf of nonprofits and works to improve public awareness and build the capacity of nonprofits in our community. Learn more at www.npwestchester.org.

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  1. Joanna Straub and the Westchester County are either misinformed or are purposefully circulating misinformation in their press statements about the reasons why the LDC created by County Executive Astorino has not moved forward. The LDC established by the Astorino Administration was fatally flawed and could not issue tax-exempt bonds that were promised to the not-for-profit agencies. That is the reason for the delay. I’m not surprised that the Westchester County Association would not be forthcoming with the facts. The Board of Legislators must now correct the flawed LDC so that it properly qualifies to issue tax exempt bonds. We are not going to rubber stamp a flawed organization. We will make sure that it is properly set up in accordance with the state and federal laws.