|Program Name:||Industrial Development Agencies (IDAs) & Local Development Corps (LDCs) (non-profit only)|
|Program Sponsor:||Multiple Local Governments|
|Program Type:||Financial incentives, loans, and grants development projects.|
|Eligibility:||Businesses that operate within municipal boundaries.|
In New York State and throughout Westchester County, municipalities have created IDAs and LDCs in order to provide financing for commercial, industrial, non-profit (LDCs), and other business entities to create local jobs and forward economic development projects.
Businesses that are located and operate within municipal boundaries may be eligible for various incentives, loans, or grants that various LDCs and IDAs offer.
How the Program Works
LDCs and IDAs financially support local businesses through a variety of means, including but not limited to:
- Providing tax incentives, such as mortgage recording tax exemptions, sales and use tax exemptions and real property tax abatements;
- Making loans and borrow money;
- Issuing tax-exempt bonds and negotiable bonds, notes, or other obligations;
- Administering a revolving loan fund; and
- Executing and administering payment-in-lieu-of-tax (PILOT) agreements.
Business owners are encouraged to research whether their home-municipality has established an IDA or LDC and whether their business is eligible for any of the resources being offered.