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DASNY History

In nearly 70 years of service to New Yorkers, the Dormitory Authority of the State of New York, also known as DASNY, has grown into one of the largest financiers and builders of social infrastructure facilities in the United States.

1944 On April 5, Governor Thomas E. Dewey signed Chapter 524 of the Laws of 1944, creating the Dormitory Authority of the State of New York (DASNY) for the purpose of financing and constructing dormitories at 11 State Teachers' Colleges.

1948 In November, DASNY's Board voted to award contracts to the low bidder on the first permanent dormitories, located at the Teachers College in Buffalo.

1949 The first Authority bond issue was sold to finance permanent dorms at 11 Teachers Colleges. The $10.3 million issue was sold to the New York State Employees' Retirement System at an interest rate of 3%.

1954 DASNY and the State University of New York (SUNY) signed a lease agreement stating that SUNY will operate the dormitories built by DASNY.

1955 The New York State Legislature began annual appropriations for construction of SUNY dormitories, allowing DASNY to begin long-range planning of dormitories and dining halls.

1960 The first Authority bond issue was sold on behalf of a private college, Wells College, to construct a dormitory.

1964 DASNY was empowered to finance and construct facilities for hospitals with schools of nursing.

1966 New legislation enabled DASNY to work with the newly-established City University Construction Fund on a rapid and extensive expansion of the higher education facilities for the City University of New York.

1970 Total bonds and notes outstanding at the end of the fiscal year passed the $1 billion mark for the first time.

1971 DASNY began its Affirmative Action Program to expand job opportunities for minority construction workers and contractors.

1972 Construction began at first community-college projects financed by DASNY.

1973 The first project financed and constructed for the Department of Health finished construction: a new parking facility for Roswell Park Cancer Institute in Buffalo.

1977 Construction of the new campus for Kingsborough Community College was completed at a cost of $72 million.

1979 DASNY’s first “Facility for the aged bonds” were sold to finance the J.G.B. Health Facility in Yonkers.

1981 The "set-aside" program was fully implemented. This program reserves a percentage of construction contracts for small and minority-owned businesses on projects at four CUNY campuses.

1983 DASNYcompleted SUNY dormitories which housed more than 66,000 students and provided dining facilities for over 37,000 students.

1986 For the first time total financings for the year topped $1 billion. The year's bond issues included DASNY’s first student loan program and first pooled financing for independent college and universities.

1987 Legislation was enacted which enables DASNY to finance and construct court facilities for county and local governments across the state. Later that year, DASNY financed its first court facility, the John P. Colhalan, Jr. Court Complex in Suffolk County.

1988 Legislation was passed enabling DASNY to finance SUNY academic facilities and facilities for certain Special Act Schools.

1989 Total bonds and notes outstanding at March 31, 1989 totaled $5.8 billion, a new high point for DASNY.

1990 DASNY was the largest issuer of municipal bonds in the nation during the calendar year, with a total of $4.11 billion in securities issued.

1993 The College of Staten Island moved to its new campus. Consolidating two existing campuses at the former Willowbrook Developmental Center, this $360-million renovation and new construction project was DASNY’s largest ever. First public libraries added to DASNY statute.

1994 DASNY financings reach an all-time high of 43 issues, totaling $4.7 billion. Total bonds and notes outstanding at the end of the fiscal year totaled $12.6 billion, double what they were five years previously.

1995 On September 1, the Medical Care Facilities Finance Agency and the Facilities Development Corporation were merged into DASNY. After the merger, DASNY became the largest government building construction agency and the largest public-authority issuer of tax-exempt bonds in the country.

1996 The "new" Dormitory Authority completed its first year as a combined organization, issuing $3.3 billion in bonds. At the end of the year, outstanding bonds and notes totaled $24.8 billion.

1997 In December 1997, DASNY moved into its new corporate headquarters in downtown Albany. The 180,000 square-foot building was completed under budget just 14 months after the land was purchased. DASNY issues its first obligated group financing, and its Tax-Exempt Equipment Leasing Program is extended to all clients.

1998 DASNY sold more than $5 billion in bonds and commercial paper issues, its biggest year to date.

1999 DASNY was the No. 1 issuer of municipal bonds in the country, with $3.16 billion sold in 47 issues during 1999. Expenditures on DASNY-managed construction projects rose 29 percent over 1998, to more than $478 million.

2000 DASNY advances the largest health-care bond issue in the nation, a total of $681.2 million for the Mount Sinai-New York University Health System Obligated Group. A program is adopted to disseminate preliminary official statements through the Internet. Construction expenditures continue to grow, to nearly $540 million - a 43 percent increase over 1998.

2002 DASNY implements new legislation by helping local school districts refinance $1 billion in bonds for capital projects. Construction expenditures reach a record $936 million.

2003 At the end of the fiscal year, DASNY has sold more than $823 million in bonds backed by the State personal income tax, a new financing program. DASNY authorized to finance the School District Bond Program.

2004 DASNY ends the fiscal year with a portfolio of $31.2 billion in outstanding bonds, and a $4.95 billion pipeline of construction projects.

2005 DASNY construction rises to $1.01 billion for the 2005-06 fiscal year, a new record. During calendar year 2005, DASNY ranked third in the nation in municipal bond sales volume.

2006 During fiscal year 2005-06, DASNY sold $3.9 billion in bonds and commercial paper.

2007 As part of open government initiatives, for the first time, DASNY’s Board and Committee meetings are recorded and available online via web-cast.

2008 Effective January 1, 2008, DASNY implements its “All Green, Only Green” construction policy. All new construction projects are registered with the US Green Building Council and submitted for a goal of Leadership in Energy and Environmental Design (LEED) Silver rating. In addition, DASNY plays leadership role in Governor’s Executive Order No. 10 MWBE Task Force, created June 2008, to level playing field for qualified MWBE firms seeking to do business with New York State. DASNY added Financial, Legal and Professional Services to construction-related MWBE initiatives.

2009 DASNY issued $7.2 billion in municipal bonds and manages more than 740 construction projects valued at $7.5 billion. In December, DASNY’s Board adopts recommendations of the Governor’s Executive Order No. 10 MWBE Task Force, which includes initiatives to reduce barriers to entry and increase the participation of qualified underwriters owned by minority members and women.

2010 DASNY hosts it 25th annual Minority, Women and Small Business Enterprises Conference in Albany, drawing a record attendance of more than 900. At the end of FY 2009-10 DASNY exceeded its 20 percent goal for construction-related expenditures with 23.57 percent participation, 11.28 percent MBE and 12.29 WBE with total expenditures of $219.6 million to MWBE firms.

2011 During the year, DASNY completed or continued work at several majorconstruction projectsfor CUNY, including the $587 million expansion at John Jay College of Criminal Justice, $325 million for Fiterman Hall and the $705 million Advanced Sciences Research Center on City College’s Harlem campus.

2012 In June,DASNY was awarded LEED-EB Gold (Existing Building) by the Green Building Certification Institute for energy efficiency, environmental, and operational improvements at DASNY's Albany headquarters. Also in 2012, DASNY was ranked number one in the nation as the largest municipal issuer by The Bond Buyer.

2013 As of March 31, 2013, DASNY had more than $45.1 billion in bonds and notes outstanding issued for critical public and not-for-profit projects throughout the State of New York. The Lehman College Science Center certified LEED Platinum, the first Platinum rated building for CUNY and DASNY.