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DASNY and The Arc New York Close on a $7 Million TELP Transactionlink :
DASNY and The Arc New York Close on a $7 Million TELP Transaction
DASNY and The Arc New York Close on a $7 Million TELP Transaction
DASNY and The Arc New York Close on a $7 Million
Tax-Exempt Equipment Lease Transaction
Delivering State-of-the Art Equipment to New Yorkers with Disabilities
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.”
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About DASNY
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.
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Western Region
Allegany County
Allegany Arc
Cattaraugus County
The ReHabilitation Center
Chautauqua County
The Resource Center
Erie County
The Arc Erie County
Niagara County
Opportunities Unlimited
Finger Lakes Region
Cayuga County
Arc of Seneca Cayuga
Chemung County
The Arc Chemung
Genesee County
The Arc Genesee Orleans
Livingston County
The Arc Livingston
Monroe County
Arc of Monroe County
Ontario County
Ontario Arc
Orleans County
The Arc Genesee Orleans
Schuyler County
The Arc Schuyler
Seneca County
Arc of Seneca Cayuga
Steuben County
The Arc of Steuben
Wayne County
Wayne Arc
Wyoming County
The Arc Livingston-Wyoming
Yates County
Arc of Yates
Central North Region
Herkimer County
Arc Herkimer
Jefferson County
Jefferson Rehabilitation Center
Lewis County
The Arc Oneida-Lewis Chapter
Oneida County
The Arc Oneida-Lewis Chapter
Oswego County
Arc of Oswego County
Central South Region
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Broome County
ACHIEVE
Chenango County
ACHIEVE
Cortland County
The Arc Madison Cortland
Delaware County
The Arc Delaware County
Madison County
The Arc Madison Cortland
Onondaga County
Arc of Onondaga
Otsego County
The Arc Otsego
Tioga County
ACHIEVE
North Country Region
Clinton County
Advocacy and Resource Center
Essex County
Mountain Lake Services
Franklin County
The Adirondack Arc
Hamilton County
The Adirondack Arc
St. Lawrence County
St. Lawrence NYSARC
Capital Region
Albany County
Warren, Washington & Albany Counties Chapter
Columbia County
Coarc
Fulton County
Lexington
Montgomery County
Liberty Arc
Rensselaer County
The Arc of Rensselaer County
Saratoga County
Saratoga Bridges
Schenectady County
Schenectady Arc
Schoharie County
Schoharie County Arc
Warren County
Warren, Washington & Albany Counties Chapter
Washington County
Warren, Washington & Albany Counties Chapter
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Hudson Valley Region
Dutchess County
Greene County
Orange County
Putnam County
Sullivan County
Ulster County
NYC/Metro Region
Bronx County
Kings County
Nassau County
New York County
Queens County
Richmond County
Rockland County
Suffolk County
Westchester County
Developmental Centers
Benevolent Society (Staten Island)
Bronx Developmental Center
Community League (Wassic)
Rome Developmental Center
Welfare League (Letchworth Village)
West Seneca Developmental Center
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