Purpose

 As a conduit issuer of tax-exempt bonds, the Dormitory Authority provides access to low-cost capital to eligible institutions for various construction and improvement projects.

The Dormitory Authority offers services as a conduit issuer to eligible institutions on whose behalf the Authority issues its tax-exempt and occasionally taxable obligations. Principal and interest on Dormitory Authority bonds is paid to investors for payments made to the Authority by borrowing institutions under their loan agreements.

DASNY (Dormitory Authority of the State of New York) is one of the largest public financing and public construction authorities in the nation. Originally created to finance and build dormitories for the state’s teachers’ colleges, DASNY is now authorized to issue bonds and to provide comprehensive construction services for a large group of clients. DASNY’s construction portfolio includes new construction and renovation projects for pubic clients in higher education, health care and court administration and other specifically authorized projects. DASNY issues bonds for private not-for-profit educational and health care clients and to  support the financing needs of certain State programs administered by the Department of Health, the Department of Education, the Office of Mental Health, the Office of Alcohol and Substance Abuse Services, the Office for People With Developmental Disabilities and certain economic development programs.

Eligibility 

The Dormitory Authority offers financing services to public and private higher education and health care institutions, public school districts and a variety of not-for-profit private institutions. Under current law, private not-for-profit institutions, other than higher education and health care entities, need special legislation to be added to the DASNY statute for access to DASNY as a conduit issuer. Unless part of a larger pooled financing, the Authority’s financing services are most cost effective for projects greater than $5,000,000.

There is no formal application form involved in doing business with the Dormitory Authority. Those institutions having generic authorization to access Dormitory Authority services may contact the individuals listed below for financing inquiries. Institutions without generic authorization must first be added to the Dormitory Authority’s statute prior to accessing the Authority’s financing services. However, applicants are encouraged to contact the individuals listed below to discuss this legislative process, the feasibility of their projects and the viability of their institution relating to the issuance of Dormitory Authority bonds.

Contact

Portia Lee
Managing Director of Public Finance and Portfolio Management

(518) 257-3362

David Kvam
Senior Director of Public Finance
(518) 257-3360

Dormitory Authority of the State of New York