Build NYC Resource Corporation (Build NYC) helps 501(c)(3) organizations and other exempt facilities make real estate capital investments by accessing low-cost debt through tax-exempt bond financing.
- Lower Interest Rates: Tax-exempt bonds typically offer lower rates than other types of loans.
- Mortgage Recording Tax: The 2.8% mortgage recording tax may be waived.
- Refinance Existing Debt: Pay down existing debt inexpensively using Build NYC bonds.
- Longer Repayment Terms: Financing terms can be as long as 30 years.
Registered 501(c)(3) organizations, including the following types, have received low-cost financing through Build NYC:
- Primary & Secondary Education
- Higher Education
- Cultural Institutions
- Social & Human Services
- Hospitals & Healthcare
- Qualifying Exempt Facilities
Qualifying Exempt Facilities
Companies developing "exempt facilities" under the Internal Revenue Code may be able to access tax-exempt bond financing. Exemptions from the mortgage recording tax may also be available. These facilities include:
- Airport facilities
- Dock and wharf facilities
- Solid waste disposal facilities
- Recycling facilities
- Transportation-related infrastructure
- Other projects eligible for qualified private activity bond financing pursuant to the Internal Revenue Code
Factors Considered by Build NYC
- Entity must be a registered 501(c)(3) or a qualifying exempt facility
- Size of the financing (<$5M may not be cost-effective)
- Financial strength of applicant and ability to pay debt service