NY Dormitory Authority’s Lease Financings Reach $2.6B
The Dormitory Authority of the State of New York, a public benefit corporation providing financing and construction services to public and private universities, not-for-profit healthcare facilities and other institutions serving the public good, announced that its Tax-Exempt Equipment Leasing Program (TELP) has provided approximately $2.6 billion in lease financings in over 400 transactions since the program’s inception in late 1994.
Examples of the type of equipment financed for higher education institutions and other nonprofit include computer information systems, student laptops, library information systems, computer business systems and vehicles.
DASNY said the program’s statutory authority was changed recently to clarify that hardware and/or software could be fund under the TELP program as a stand-alone project.
The authority has also undertaken a number of energy related transactions with higher education institutions for chiller plant, building controls, lighting improvements, steam & piping insulation, water conversation equipment, HVAC system replacement, air handler system replacement, fans, hoods and other cooling HVAC equipment. Through the program, the vendor/finance partner is identified by the institution; DASNY conveys tax exemption; and financing is generally five to seven years (could be longer dictated by assets funded).
The Specialized Student Laptops Program Initiative Under DASNY’s TELP II Program is structured so that students are nonprofit qualified over four years and no fees beyond tuition are assessed. After four years and/or graduation the student receives ownership of the laptop computer. Service contract, spare parts, swift repairs, warranties and updates available in a convenient user-friendly manner, DASNY said.