(Albany) - January 14, 2022. Reuben R. McDaniel, III, President & CEO of The Dormitory Authority of The State of New York (DASNY) announced today $8 billion in low-cost financing obtained through DASNY was issued in 2021 to help school districts and higher education, and not-for-profit institutions reduce costs through low-cost financing.
“DASNY works to help vital sectors invest cost-effectively to enhance the lives of New Yorkers. By supporting the growth of the critical education and non-profit sectors of our economy, we are strengthening our anchor institutions and creating opportunities in communities all across New York state,” McDaniel said.
Examples of institutions benefiting from low-cost financings include:
- Educational Housing Services (EHS) Towers/City University of New York (CUNY) Student Housing ($13.1 million). Partial refunding and restructuring of bonds to provide near term debt service relief due to the impact of the pandemic on dormitory occupancy.
- Fashion Institute of Technology (FIT) Student Housing Corporation ($31.7 Million). Partial refunding and restructuring of bonds to provide near term debt service relief due to the impact of the pandemic on dormitory occupancy.
- Interagency Council (IAC) Pooled Loan Program. Bonds were issued on behalf of agencies serving New Yorkers with developmental disabilities or other special needs
- Citizen Options Unlimited, Inc./Community Services Support Corporation/Nassau County AHRC Foundation, Inc. ($3.4 million). Supports acquisition and rehabilitation of properties in Smithtown, Greenlawn and West Islip for residences for adults with developmental disabilities.
- Developmental Disabilities Institute, Inc. ($3.5 million). Supports acquisition and rehabilitation of properties in Selden and Smithtown for residences for adults with developmental disabilities, and for property in Smithtown for an intermediate care facility for adults with developmental disabilities.
- HASC Center, Inc. ($1 million). Supports the construction, renovation, furnishing, and/or equipping of property in Brooklyn for use as a day habilitation center for 77 adults with developmental disabilities.
- HeartShare Human Services of New York ($3.8 million). Supports the construction, renovation, furnishing, and/or equipping of property in Brooklyn for use as a day habilitation center for 120 adults with developmental disabilities, and the acquisition and rehabilitation of property on Staten Island for use as residences for adults with developmental disabilities.
- The Institutes of Applied Human Dynamics, Inc. (IAHD) ($4.5 million) . Supports the acquisition and rehabilitation of properties in the Bronx and White Plains for intermediate care facilities and a residence for adults with developmental disabilities.
- QSAC, Inc. ($6.4 million). Supports acquisition and rehabilitation of properties in Jamaica, West Hempstead, Dix Hills and Wantagh for use as residences for adults with developmental disabilities.
- Young Adult Institute, Inc. (YAI) ($5.5 million). Supports acquisition and rehabilitation of properties in Astoria, Wheatley Heights, and Ozone Park for use as residences for adults with developmental disabilities.
- Iona College ($44.3 million). Bond proceeds were used to pay for the acquisition of real property in Bronxville, New York in order to establish a Bronxville campus for Iona college and to refund bonds in order to achieve debt service savings.
- New York University ($250 million). Bonds were issued to finance, refinance, or reimburse costs associated with numerous construction and renovation projects across the NYU system, including the construction of a new mixed-use facility at 181 Mercer Street.
- School District Revenue Bond Financing Program ($335.2 million) . Bonds were issued to support a range of projects across 40 school districts statewide, including technology updates to promote innovation and collaboration, interior and exterior renovations, fire, security, and air quality systems upgrades, and others.
- St. John’s University ($163.6 million). Bond proceeds were used to refund prior bonds and to fund new construction projects including a new health sciences center at the University's Queens campus.
- State University of New York Dormitory Facilities (SUNY) ($345.6 million). Bond proceeds were used to refund prior bonds, providing debt service savings to SUNY.