The $7 Million Low-Interest Lease is the First Portion of a $20 Million Authorization for The Arc New York.
Albany, NY – Gerrard P. Bushell, Ph.D., President & CEO of the Dormitory Authority of the State of New York (DASNY), announced today DASNY and The Arc New York (NYSARC, Inc.) closed on a $7.03 million transaction. This is the first transaction of a larger $20 million tax-exempt equipment lease authorization for The Arc New York to acquire adaptive equipment and specialized vehicles for individuals with disabilities, as well as finance information technology equipment upgrades.
“The Arc New York is one of many not-for-profit institutions that utilizes the Tax-Exempt Equipment Leasing Program (TELP) available through DASNY,” said Dr. Bushell. “Every dollar saved through TELP is reinvested, enabling The Arc New York to make needed upgrades that will help advance its mission, supporting New Yorkers with disabilities.”
Utilizing TELP, hospitals, universities, and other not-for-profit institutions have access to DASNY’s tax-exempt financing to obtain lower interest rates for capital equipment leases. In FY 2018, DASNY executed $148.7 million in low-cost leases through TELP.
Over the last two decades, The Arc New York has completed 34 lease transactions totaling approximately $150.1 million through TELP.
The Arc New York President Saundra M. Gumerove said, “The tax-exempt rate of the DASNY TELP financing allows us to leverage the savings to purchase additional items. In the current fiscal climate, where our field is struggling to adequately fund our staff and programs, any opportunity for savings is appreciated and necessary.”
Founded in 1944, DASNY – the Dormitory Authority of the State of New York – is New York State’s capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $55.2 billion as of December 31, 2018. DASNY is also a major public builder with a construction pipeline of 1,003 projects valued at more than $6.56 billion as of November 30, 2018.
About The Arc New York
The Arc New York is a family-led organization that advocates and provides support and services to people with intellectual, developmental, and other disabilities, emphasizing choice and community engagement. We have a 70-year history as advocates and service providers. With 51 Chapters across New York State, our organization supports more than 60,000 individuals and families and employs 30,000 people statewide.