County Executive Robert P. Astorino today announced that the county's Local Development Corporation (LDC) approved a resolution that will give the YWCA of White Plains and Central Westchester access to $4 million in low cost bonds to renovate its North Street Activity Center and to re-finance existing debt. The tax-exempt bond issue, which carries no financial risk to county taxpayers, is the first to be approved under Astorino's new Small Bond Issuance Program.

The LDC program, the first of its kind in the county, will save nonprofits thousands of dollars in fees, allowing them instead to direct that savings toward their mission of serving Westchester residents.

"The LDC small bond program is good news for Westchester nonprofits," said Astorino. "It means savings for our nonprofits, a sustainable future for our county's essential services and jobs for our residents."

The YWCA plans to allocate $2.25 million toward existing debt and $1.75 million toward much needed upgrades to its 49-year old activity center, making it more energy efficient and accessible. Work on the center may begin as early as October and is expected to take at least a year.

"Thanks to the Local Development Corporation's support, the YWCA will be able to continue to build a strong foundation and a fearless future for the 4,000 women and children it serves," said Maria Imperial, Esq., CEO of the YWCA. "Access to the much needed financing, through Mr. Astorino's program, will go directly to serving our mission and supporting the work of our 200-person staff."

Accessing the financing through the LDC's new loan program will save the organization $54,000 in issuance fees. The program was created in response to the nonprofit community's request for financial assistance for smaller projects that required less than $5 million in tax-exempt financing from the LDC.

"We are pleased to partner with County Executive Rob Astorino and his economic development team to offer a financing solution that makes sense for both the borrower and the Local Development Corporation," said Darius Chafizadeh, partner at Harris Beach, PLLC.

Harris Beach PLLC helped make the program possible by cutting its bond counsel fee more than 50 percent, streamlining the issuance process with the development of standardized forms and making the bond sales available directly through banks.

Astorino established the county's LDC in April 2012 to fill a void that had existed since January 2008, when the state's Industrial Development Agencies, including Westchester's, lost the authority to issue bonds on behalf of non-profit organizations.

The LDC provides non-profits access to millions of dollars in low-cost, tax-exempt bonds for the financing of job-creating construction projects. There is no financial risk to the county. The obligation for repaying the debt rests solely with the non-profit organizations. The LDC acts as a conduit to enable the non-profits to receive tax exempt status.

Any non-profit organization looking to access the low-cost and tax-exempt project financing made available through the LDC should contact Jim Coleman, executive director of the LDC, at (914) 995-2963 or .

Photo (left to right): William M. Mooney III, Westchester County Office of Economic Development Director; Paul T. Lamas, Roosevelt & Cross Executive Vice President; Stephen J. Hunt, Local Development Corporation Chairman; Maria Imperial, Esq., YWCA of White Plains and Central Westchester CEO; Ilyse Spertus, PhD, owner of Ilyse Spertus Psychological Services, PLLC and LDC board member; Mark K. Stanton, Esq., partner at Ryan & Stanton, LLP and LDC board member; Jim Coleman, LDC Executive Director.