The Suffolk County Economic Development Corporation (SCEDC) is a local development corporation of the State of New York created in 2010, pursuant to NYS Not-For-Profit Corporation Law 1411. The primary purpose of the SCEDC is to promote economic development in Suffolk County by assisting not-for-profit corporations in their acquisition of capital projects.
The mission of the Suffolk County Economic Development Corporation is to promote the economic welfare, employment opportunities and quality of life of the residents of Suffolk County.
In order to promote economic development the SCEDC provides financial assistance through the issuance of tax-exempt or taxable bonds. The SCEDC provides this assistance for not-for-profits that either wish to locate or expand their operations in Suffolk County. Typical projects eligible for financing include the purchase and rehabilitation of existing buildings, the construction of new buildings, or the construction of additions to existing facilities. Equipment may also be financed through the SCEDC.
The key to completing an SCEDC tax-exempt bond issue is to have a financial institution purchase the bonds. The SCEDC does not have its own funds to loan; instead, it acts as a financial conduit by which the financial institution “makes the loan” to the applicant. Typically, a bank or an investment banking firm will purchase the tax-exempt bonds and, in effect, make the loan. This means that SCEDC approval of a project does not automatically result in funding being available. The financial institution reviews the project and makes the credit decision as to whether or not to purchase the bonds. In addition, the applicant and the financial institution negotiate the terms and conditions of the loan independently of the SCEDC.
There are four types of financial assistance available through the SCEDC:
SCEDC's mission is to assist complement and be an addition to the economic development efforts of the Suffolk County Industrial Development Agency and the Suffolk County Department of Economic Development and Planning. SCEDC's primary focus in accomplishing this mission is to provide financial assistance to not-for-profit organizations that make valuable contributions to the health and well being of the residents of Suffolk County.
Suffolk County Department of Economic Development and Planning with support from our nonprofit partner, the Suffolk County Economic Development Corporation, secured the AARP Livable Communities Challenge - ADU Demonstration Grant. Utilizing the grant, we engaged the community in envisioning the integration of ADUs through the "Home to Opportunity (H2O) ADU Design Contest." This initiative underscores the fundamental importance of housing akin to water. We aspire that these initiatives inspire neighborhood-compatible designs fostering aging-in-place opportunities and more affordable housing for other community residents. We are also exploring how we can further support local municipalities that allow for and receive state funding for the Plus one ADU program.
For More information on the H2O Design contest, contact Nancy Shahverdi at (631) 853-5196 or nancyshahverdi@suffolkcountyny.gov