Bond proceeds will support renovations of residential and other care facilities serving individuals with intellectual and developmental disabilities throughout New York City and the Mid-Hudson Valley, as well as refinance existing debt.
ALBANY, N.Y. – The Dormitory Authority of the State of New York (DASNY) closed on $23.1 million in tax-exempt and taxable bonds for United Cerebral Palsy Associations of New York State, Inc. (CPU). The financing will support 24 projects: 16 refinancings and 8 new facilities that serve individuals with intellectual and developmental disabilities.
Of the total bond proceeds, $7.5 million will fund the new projects, which include renovations to Individualized Residential Alternatives (IRAs) and Intermediate Care Facilities (ICFs) throughout New York City and the Mid-Hudson Valley. The remaining proceeds will refinance existing debt and refund all of DASNY's Series 2010 and Series 2014 bonds previously issued for CPU.
CPU operates two types of residential programs: Individualized Residential Alternatives, which provide 24-hour staff support in houses or apartments and Intermediate Care Facilities, which offer health-related care for individuals requiring more intensive support.
"DASNY is proud to support organizations like United Cerebral Palsy Associations of New York State that provide critical residential services for individuals with developmental disabilities," said DASNY President & CEO Robert J. Rodriguez. "This financing will help CPU continue its important mission of promoting independence and enhancing quality of life for New Yorkers across the state."
“DASNY’s efforts are transformative for CP Unlimited and the people we support; as the Agency expands its presence and scope of services, we are now better enabled to improve residential spaces for vulnerable New Yorkers,” said Joseph M. Pancari, President & CEO of CP Unlimited. “Their work advances the long-term success of our mission to help people with disabilities and those seeking emergency housing achieve safe, dignified, and fulfilling lives”
CPU originated in 1946 as a coalition of parents advocating for children with disabilities and has since evolved into a comprehensive service organization providing housing, day programs, employment, and support for individuals with intellectual and developmental disabilities across New York State, including throughout the five boroughs, Yonkers, and the Hudson Valley.
Raymond James served as senior manager for the transaction. Barclay Damon LLP and Law Offices of Joseph C. Reid, P.A. served as co-bond counsel, and Katten Muchin Rosenman LLP served as underwriter's counsel.
About DASNY
Founded in 1944, DASNY 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 $64.6 billion as of September 30, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit www.dasny.org.