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DASNY News & Updates: FEBRUARY 2017
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DASNY’s Bushell Says Municipal Bond Tax-Exemption Broadens Opportunity
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The tax-exemption that lowers borrowing costs for issuers of municipal bonds is critical for financing public infrastructure that broadens opportunity, DASNY President & CEO Gerrard P. Bushell said as a panelist at the Rainbow PUSH Coalition’s 20th Annual Wall Street Project Economic Summit.
Congressional leadership is considering tax-reform proposals that would cap or eliminate entirely the tax-exemption, which lowered costs on almost $500 billion in municipal bonds issued nationwide in 2016. In addition to supporting the construction of roads and bridges, municipal bonds are the primary source of financing for capital investments in public schools, hospitals and public transportation.
“The tax-exemption benefit fuels infrastructure growth across the Nation. It enhances opportunities for cities, suburbs, and has helped raise up generations from poverty," Dr. Bushell said. “When we talk about rebuilding America’s infrastructure, we really need to look at it through a broad lens. At the center of this rebuild is the idea that we are improving access, whether it is for a mother to get to the job that will help lift her out of poverty, or a teenager with dreams of becoming a doctor.”
The February 17 event celebrated 20 years of “Strengthening and Redefining Inclusion and Equality in the Corporate Marketplace.”
The Rev. Jesse Jackson established Rainbow PUSH (People United to Serve Humanity) with a mission to protect, defend, and gain civil rights by leveling the economic and educational playing fields, and to promote peace and justice around the world.
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MWBE Firm Becomes First to Win DASNY’s General Liability Insurance Brokerage Contract
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J.P. West, Inc. has been selected as DASNY’s broker of record for its Commercial General and Excess Liability insurance program, the first time a minority- and women-owned business enterprise (MWBE) has been selected by DASNY for this important role.
DASNY President & CEO Gerrard P. Bushell says “DASNY’s leadership in MWBE participation is making the business case for diversity. By selecting
best-in-class institutions to work for us, we are building capacity for MWBE firms to take the lead going into the market and helping make New York a more attractive place to live, work and learn.”
J.P. West and its team will help oversee DASNY’s General Liability insurance program for construction projects by finding insurance carriers who will write policies with total limits of $80 million. DASNY’s insurance program also covers 53 million square-feet of property for clients, including the City University of New York, the State University of New York, and the New York State Department of Health.
You can read the full release here.
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Governor Cuomo Announces $19.5 Million Community Health Care Revolving Capital Fund
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Health care providers across the state received some good news from Governor Cuomo: a $19.5 million Community Health Care Revolving Capital Fund has been established. DASNY, in consultation with the New York State Department of Health, selected the Primary Care Development Corporation to administer the fund. PCDC is a U.S. Treasury-certified community development financial institution.
The Community Health Care Revolving Capital Fund is designed to improve access to capital for clinics and other organizations that have limited resources and are seeking to broaden access to primary care services. This revolving loan fund will provide affordable and flexible loans to these groups that are often unable to obtain or afford commercial financing.
"This public-private partnership exemplifies the resources New York State can leverage as we transform and strengthen health care across New York State,” said DASNY President and CEO Gerrard P. Bushell. “By establishing the Community Health Care Revolving Capital Fund we are providing low-cost resources to help create a world-class health care system that promotes wellness, and contributes to the growth of New York State’s economy.”
The funds will be used to provide loans for projects at eligible facilities. Eligible projects may include construction, renovation, expansion and upgrading costs. The funds may also be used for credit enhancement and loan and debt-service reserves to allow a facility to stimulate greater private-sector investment. For more information, visit PCDC's website.
You can read the full release here.
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Dr. Bushell Highlights Long-Standing Partnership with CUNY
DASNY President & CEO Gerrard P. Bushell addressed DASNY’s 50-year relationship financing and building campus resources for the City of University of New York (CUNY) at the annual caucus of the New York State Association of Black and Puerto Rican Legislators in Albany.
Over the decades, DASNY and CUNY have partnered to fulfill the university system’s mission of broadening opportunity by providing higher education to New York City residents regardless of their circumstance, Dr. Bushell said, speaking at the CUNY-Caucus Luncheon, which celebrated the success of “Black Male Initiative.” Among those taking part in this year’s celebration were CUNY’s Chancellor James B. Milliken and Board Chairperson William C. Thompson.
DASNY’s partnership with CUNY continues today, Dr. Bushell said. Just last year, Dr. Bushell cut the ribbon at CUNY’s Advanced Science Research Center, a $700 million laboratory facility financed and built by DASNY. For New York City and the Harlem community that immediately surrounds it, the laboratory represents a promising economic future. Scientists hard at work inside the facilities will make groundbreaking advances in medicine and technology. These will help build a healthier, more efficient society and create new jobs for generations to come.
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