DASNY Issues $150 million in Low-Cost Bonds Supporting SUNY Residence Hall Projects
Mid-Hudson Region campuses expected to receive over $31 million, including support for SUNY New Paltz and SUNY Purchase
ALBANY, N.Y. (May 16, 2017) -- Gerrard P. Bushell, DASNY President & CEO, announced today that the Dormitory Authority of the State of New York and the State University of New York issued approximately $150 million in low-cost, tax-exempt bonds through DASNY’s SUNY Dormitory Facilities Program for residence hall capital projects across New York State.
The DASNY-SUNY financing partnership is expected to deliver more than $31 million to the Mid-Hudson Region, with approximately $13 million supporting the $19 million renovation of SUNY New Paltz’s Bevier Hall. The 212-bed, 49-year-old residence hall is undergoing a complete mechanical and plumbing upgrade, and improvements to its fire protection system. A new elevator and entrance are being added as well as new meeting spaces. The financing also supports other projects at SUNY New Paltz.
SUNY Purchase is expected to receive approximately $14 million to support renovations at Farside Residence Hall and other facilities for repairs and painting of all bedrooms, corridors and door frames, new fire alarm systems, new tiling in bathrooms, additional bedrooms for students, and a new heating system, among other improvements.
DASNY President & CEO Gerrard P. Bushell said, “The cornerstone of New York’s economy is a highly educated work force. DASNY’s partnership with SUNY to deliver low-cost financing ensures students in the Mid-Hudson Region will be provided exceptional environments to live and learn.”
SUNY Chancellor Nancy L. Zimpher said, “SUNY is happy with the excellent result of this bond sale, which will provide low-cost borrowing for the self-sufficient residence hall program. This will help maintain a safe, convenient, and affordable living environment for our students. We are pleased to, once again, provide this necessary financing in partnership with DASNY.”
SUNY New Paltz President Donald P. Christian said, “This low-cost financing will support projects in many of our residential facilities and help to refresh on-campus housing at SUNY New Paltz. Continued improvement of our physical environment is critical to our ability to serve current and future students well with the high-quality programs and opportunities they deserve. We look forward to witnessing the impact of these projects on our students’ living and learning experiences in the coming years.”
Purchase College President Thomas J. Schwarz said, “We are grateful to DASNY for their ongoing partnership with SUNY which supports necessary repairs and renovations. We are sure our students will appreciate the improvements in comfort and safety in their renovated living quarters.”
View project photos here: https://flic.kr/s/aHskYWro11