Nassau County Turns Over New "LEAF" For Not-For-Profits

Mangano proposes Local Economic Assistance and Financing Corporation to help not-for-profits

In a move designed to assist the not-for-profit sector that has been decimated by the national and local recession, Nassau County Executive Edward P. Mangano announced the passage of legislation that will establish the Nassau County Local Economic Assistance and Financing Corporation. The group will have the power to issue tax-exempt bonds to not-for-profit organizations.

“In recent years, we watched not-for-profits struggle to survive and expand to deliver important services and programs to our families, friends and neighbors,” said Mangano. “The creation of Nassau County Local Economic Assistance and Financing Corporation will provide assistance to many organizations looking to expand facilities or construct new ones. I applaud Majority Leader Peter Schmitt and the Legislature for their foresight in approving this legislation.”

Bonds are issued on a per-project basis, and are repaid by revenues generated by the project. The Nassau County Local Economic Assistance and Financing Corporation is a local development corporation. Many municipalities across New York State have formed such local development corporations with great success.

“These bonds will help create jobs, put people to work and grow our local economy,” said Mangano. “The best part is there is no cost to the taxpayer, at a time when families and seniors are struggling to make ends meet.”

The Nassau County Local Economic Assistance and Financing Corporation will work alongside the Nassau County Industrial Development Agency (IDA). Two years ago, New York State regulations that allowed IDAs to fund such projects expired.

“We cannot stand by and watch our hospitals, youth organizations and other not-for-profit groups struggle,” said Mangano. “Working together, we can and will better the lives of thousands of Nassau residents.”