City Life Org – New Report Highlights NYCEDC’s Role Driving Private Investment and Job Creation

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Report Outlines the Impact of NYCEDC’s Three Incentives Programs: NYC Industrial Development Agency, BUILD NYC Resource Corporation, and NYC Neighborhood Capital Corporation

Offshore Wind, Supermarkets, Commercial Office Renovation, Educational Facilities, and Social Service Organizations Are Among the Projects Supported by $30 Billion in Private Investment, Retaining and Creating More Than 85,000 Jobs Since 2011

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New York City Economic Development Corporation (NYCEDC) today announced the release of its first-ever 2024 “Incentives Portfolio Annual Report,” detailing nearly $30 billion in private investment that NYCEDC programs leveraged to drive economic development in New York City since 2011. The incentives programs managed by NYCEDC’s Strategic Investments Group—the NYC Industrial Development Agency (NYCIDA), BUILD NYC Resource Corporation (Build NYC), and NYC Neighborhood Capital Corporation (NYCNCC)—have supported hundreds of projects, benefiting neighborhoods and communities across the five boroughs. The inaugural report looks at the success of the three programs over the last decade, and details how collectively, these projects have helped New York City create and retain 85,938 jobs since 2011, contributing to the record levels of employment and labor force participation that New York City continues to achieve.

NYCEDC manages the activities and operations of the three distinct incentive programs that support a range of projects. The report highlights each program’s impact on building a robust and inclusive economy that benefits all New Yorkers. All three programs remain open for business, actively accepting new projects to support equitable development across the city.

• NYCIDA offers financial incentives including tax exemptions to attract and retain businesses, promoting job creation and strengthening the city’s industrial and commercial sectors. Since 2011, NYCIDA has leveraged more than $23.7 billion in private sector investment. Interested companies can learn more at edc.nyc/nycida.
• Build NYC supports nonprofits and eligible private companies by issuing tax-exempt bonds for capital projects and refinancings. Since 2011, Build NYC has leveraged $5.8 billion in private sector investment, since 2011. Interested 501(c)3 organizations can learn more at edc.nyc/build-nyc.
• NYCNCC utilizes the federal New Markets Tax Credit program to help finance community development projects in underserved neighborhoods, including manufacturing facilities, supermarkets, community health centers and charter schools. Since 2014, NYCNCC projects have leveraged $433.8 million in private sector investment in qualified low-income areas of New York City. Interested parties can learn more at edc.nyc/nycnycc.

In addition to providing a long-term impact analysis of these NYCEDC managed programs, the inaugural annual report also highlights key projects from the past year, including:

• NYCIDA’s launch of the Manhattan Commercial Revitalization (M-CORE) program, which will transform up to 10 million square feet of Manhattan commercial office space, generate approximately $2.3 billion in construction and employment activity, increase city tax revenues, and invigorate retail corridors. In January, NYCEDC announced the first round of M-CORE recipients: 175 Water Street and 850 Third Avenue.
• Build NYC’s support for Unity Preparatory Charter School’s $23.5 million acquisition and renovation of its 20,000 square foot educational facility in Brooklyn, now serving over 500 students as its high school campus.
• NYCNCC’s deployment of $5.5 million in tax credits to support WE Act for Environmental Justice (WE ACT) development of its new headquarters in Northern Manhattan, which will also serve as a community education center for environmental justice issues.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

About NYCIDA
New York City Industrial Development Agency (NYCIDA) supports business growth, relocation, and expansion across the five boroughs by lowering the cost of capital investment. NYCIDA’s tax incentive programs bolster the local economy, create jobs for New Yorkers, and uphold the city’s position as a global business hub. To learn more, visit us at edc.nyc/nycida.

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About Build NYC
Build NYC Resource Corporation (Build NYC) helps 501(c)(3) organizations and other exempt facilities make real estate capital investments by accessing low-cost debt through tax-exempt bond financing. To learn more, visit us at edc.nyc/build-nyc.

About NYCNCC
NYC Neighborhood Capital Corporation (NYCNCC) is a federally certified Community Development Entity (CDE) that utilizes the New Markets Tax Credit (NMTC) program to make low-interest and forgivable loans to community development projects in low-income communities in New York City. To learn more, visit us at edc.nyc/nycncc.