Westchester Development Corp. To Finance New Dorm At Purchase College

HARRISON, NY — The Westchester Local Development Corporation has approved $36.4 million in low-cost financing for Purchase College-SUNY to construct a new residence hall on its campus. The building will be designed and constructed to meet LEED Silver or better standards. It will be located on a four-acre parcel of land near the arts college’s other residence halls and educational facilities in Harrison.

“Purchase College-SUNY is very excited about moving ahead with the new dorm,” said college spokesperson Betsy Aldredge. “As the demographics have shifted from a primarily commuter campus to a campus where the majority of students reside on campus, it has been an ongoing challenge to provide housing for all who wish to live here.

“This new 300-bed dorm, which will consist of junior suites, will allow us to move students from triples to doubles, therefore improving their residence experience. At the same time, the new dorm will give us flexibility to convert spaces now used as living quarters into academic spaces, and to renovate some of our older housing stock."

The action taken by the LDC at its meeting Friday grants tax-free status to the bonds that will be issued for construction, which provides thousands in savings to the college from lower interest costs. The financing carries no cost or obligation to the LDC or the county.

“We are very pleased that our LDC can help assist Purchase College, one of the county’s great academic institutions,” County Executive Robert P. Astorino said in an announcement about the decision. “This low-cost financing will help the college provide attractive, new student housing and at the same time create jobs and boost the local economy.”

Created in 2013 during Astorino's first term, the Local Development Corporation provides low-cost, tax-exempt bond financing for non-profit organizations. From 2013-15, the LDC provided over $430 million in tax-exempt financing to hospitals, schools, nursing homes, and social service agencies.

Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA or LDC should contact George Oros, Director of the Office of Economic Development, at (914) 995-2943 or email goros@westchestergov.com