Bond Proceeds Will Support Residential and Day Habilitation Facilities Serving New Yorkers with Developmental Disabilities
ALBANY, NY – The Dormitory Authority of the State of New York (DASNY) closed on the $7,470,000 Series 2025A bond issuance for the InterAgency Council Pooled Loan Program to finance facility improvements for five nonprofit organizations providing services to people with developmental disabilities and autism spectrum disorders across New York City.
The Series 2025A bonds will support seven projects including the construction, renovation, and refinancing of residential facilities and day habilitation centers. The participating organizations include Eden II School for Autistic Children (Staten Island), The Guild for Exceptional Children (Brooklyn), HeartShare Human Services of New York (Far Rockaway and Jamaica), Rising Ground (Bronx), and Young Adult Institute (Forest Hills). Together, these projects will directly benefit approximately 130 New Yorkers with developmental disabilities through improved living environments and expanded program capacity.
The financing represents the 16th pooled bond issuance under the InterAgency Council Pooled Loan Program since 2010. DASNY has now issued over $300 million through this innovative program, which allows smaller nonprofit organizations to access capital markets more efficiently by combining their financing needs into larger, more cost-effective bond offerings.
All projects receive funding through the Office for People with Developmental Disabilities (OPWDD) and have received Prior Property Approval identifying funding sources and reimbursement methods.
DASNY President and CEO Robert J. Rodriguez said, "DASNY is proud to partner with the InterAgency Council and these dedicated service providers to expand and improve facilities that serve some of our most vulnerable New Yorkers. This pooled financing model allows us to help these organizations access capital markets more effectively while achieving cost savings for taxpayers and supporting their vital mission of providing dignified care and opportunities for people with developmental disabilities. We're thankful for Governor Hochul's leadership and commitment to delivering for New Yorkers with developmental disabilities."
InterAgency Council CEO Winifred Schiff said, “Our partnership with DASNY since 2010 has been invaluable in bringing long-term, fixed-rate financing to our member agencies. This pooled financing program creates a win-win-win situation for the State, our member agencies, and the individuals we serve - it allows our members to be responsible stewards of taxpayer dollars while furthering essential services. When our members spend less on financing costs, they can invest more in direct services for New York's most vulnerable populations.”
New York State Office for People With Developmental Disabilities Commissioner Willow Baer said, “OPWDD is grateful for our partnership with the Dormitory Authority of New York State and for their shared goal of making communities inclusive for everyone. This financing will help our providers to make necessary upgrades to facilities and spark innovation in supports and services for people with developmental disabilities to develop the skills to live as independently as possible.”
The participating organizations represent decades of experience serving the developmental disabilities community. Eden II School, founded in 1976, provides comprehensive services for individuals with autism spectrum disorders. The Guild for Exceptional Children, established in 1958, offers educational, residential, and community-based services. HeartShare Human Services, founded in 1914, supports children and adults through education, vocational training, and residential services. Rising Ground, one of New York City's oldest childcare agencies dating to 1831, provides multi-service support to children and families. Young Adult Institute, founded in 1957, delivers in-home, residential, vocational, and educational services statewide.
The Series 2025A bonds received a Moody's Aa2 rating and were priced with yields ranging from 2.63% to 5.05% and a true interest cost of 4.47%. The transaction was led by Raymond James & Associates as lead manager, with co-bond counsel provided by Barclay Damon LLP and Lewis & Munday, P.C. Municipal Capital Markets Group, Inc. served as financial advisor.
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 $60.1 billion as of March 31, 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.