ECONOMIC ASSISTANCE CORPORATION
HELPING COUNTY NOT-FOR-PROFITS
GAIN ACCESS TO LOW-COST
TAX EXEMPT FINANCING
The Rockland Economic Assistance Corporation (REAC) was formed on behalf of Rockland County as a not-for-profit local development corporation. REAC’s primary purpose is to enable not-for-profit corporations within the County to have access to low-cost tax-exempt financing. REAC acts as an instrumentality of the County. REAC is self-supporting and does not receive any public funds.
REAC Board* members include:
Click on names to read bio's.
*Committees of the Corporation: The Board was appointed in 2010. Board members are appointed by the Rockland County Executive and Legislature to three-year terms. They also serve as members of the Governance, Audit, and Finance Committees.
Brian Quinn, Esq., Local Project Counsel Montalbano, Condon & Frank, P.C.
Ronald Grosser, Esq., Bond Counsel Hawkins, Delafield & Wood LLP
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Tax-exempt Financing for Eligible Projects: REAC is authorized to issue conduit bonds for projects of other not-for-profit entities that are located within the County. For eligible projects, REAC bonds will qualify for tax-exempt status.
Mortgage Recording Tax Exemption: As an instrumentality of the County, mortgages on which REAC is a mortgage or that are granted in connection with such financings, are exempt from payment of the state and local mortgage recording tax.
REAC meets at its offices the third Thursday of every month.
Click on dates to read agenda and minutes of past meetings.
April 2019 October 2019
May 2019 November 2019
January 2018 July 2018 - no meeting
March 2020 September 2020
April 2020 October 2020
May 2020 November 2020
June 2020 December 2020
All REAC public documents and policies were adopted and/or reaffirmed
on May 21, 2020