EDC Incentives

The New York City Economic Development Corporation (NYCEDC) can lower the costs of projects with tax incentives and bond financing.

These incentives are administered through two organizations:

• The New York City Industrial Development Agency (NYCIDA); and
• Build NYC Resource Corporation (Build NYC).

Each parts' incentives are described here.

New York City Industrial Development Agency

NYCIDA programs are designed to support business growth. NYCIDA offers several incentives for businesses. These include:

• Property tax reduction for up to 25 years;
• Reductions on the mortgage recording tax; and/or
• A waiver on sales taxes for certain materials.

Eligible businesses and projects include:

• Businesses renovating or constructing commercial office space in transit-rich parts of New York City;
• Property owners leasing space to Fashion Manufacturers in the Garment District; and/or
• Businesses building or expanding industrial facilities.

Businesses interested in any or all these incentives should contact the NYCIDA directly.

Build NYC

Build NYC offers tax-exempt and taxable bond financing for tax-exempt organizations. This capital can be used for real estate, debt refinancing, or operations. Benefits may also include a mortgage recording tax waiver.

Companies can also apply to Build NYC to help finance certain infrastructure projects for “exempt facilities.” Eligible projects include airport, solid waste disposal, and recycling facilities.

Contact Build NYC directly for more information.