ALBANY, N.Y. (NEWS10) – Gov. Cuomo announced a proposal to open the Dormitory Authority of the State of New York’s (DASNY) low-cost financing, design and construction services to all non-profits and school districts as part of the Governor’s 2021 State of the State agenda.
Through this program, nonprofit organizations and school districts can access DASNY’s services for needed improvements at lower costs during COVID-19 so they can spend their resources on vital services. Importantly, DASNY also would be authorized to assist with providing finance for working capital needs, a service which can be costly for these types of entities.
Already, DASNY has financed and built an array of critical community projects from residence halls at SUNY Brockport and SUNY Polytechnic Institute in Utica to energy performance projects that save their clients and taxpayers money over the long-term.
“The inaction of the federal government to properly fund and support state and local entities throughout the COVID-19 crisis has depleted the coffers of our school districts and the non-profits who have stood in the gap to provide vital services since March,” Governor Cuomo said. “The State of New York understands the significant sacrifices public entities have made to keep their doors open this year. Low-cost financing, which saves dollars on major construction projects, will soon be provided to school districts and non-profits because the State of New York values their role in serving the public and their visions for a brighter tomorrow in partnership with their communities.”
From school districts trying to teach children remotely to nonprofits that provide critical services and employ more than one million people, these entities deliver some of the most vital services to New Yorkers. Nonprofit organizations often operate on budgets that make it difficult for them to invest in capital projects, even when such projects are necessary.
In a typical year, nonprofits receive $187 billion from state and local governments, which is more than four times the $44 billion they receive from private foundations. The nonprofits that often are most vulnerable to COVID-19 are those that depend upon people coming to congregate sites for their income, including museums, theaters, childcare centers, and recreation centers. Other nonprofits have seen the demand for services skyrocket at facilities that are in dire need of investment.