Dormitory Authority of the State of New York

DASNY Headquarters on Broadway in Albany

The Dormitory Authority of the State of New York (acronym: DASNY, play /ˈdæzn/; also frequently referred to as just "Dormitory Authority") provides construction, financing, and allied services which serve the public good of New York State. More specifically, the Dormitory Authority provides assistance for public and non-proprietary (i.e., nonprofit) private universities in New York State; for not-for-profit healthcare facilities in the State; and for other New York State-related institutions/purposes (such as State court facilities and State pension bonds) as legally specified and permitted. [1]

History

The Dormitory Authority was established by a law signed into action by New York Governor Thomas Dewey on April 5, 1944. At first, its only purpose was for the financing and construction of dormitories at 11 State Teachers' Colleges in New York. Since then, the Authority has constructed additional buildings — as well as provided allied construction, financial, and other services — which have not been limited in purpose to what the Authority was originally authorized to carry out and fulfill. [2]

Size and scope

The Dormitory Authority is one of America’s largest public authorities in terms of its construction and financing output. In 1999, the Authority was the top issuer of municipal bonds in the United States, issuing US$3.16 billion of municipal bonds that year. (In 2006, DASNY was ranked fourth in the USA for municipal bond issuance.) In 2005, the Authority’s construction expenditures topped US$1 billion (more precisely, came to $1.01 billion). The Authority has the power of eminent domain, which can be used if necessary to get construction projects built.

DASNY’s size and scope grew considerably in 1995, when the New York State Medical Care Facilities Finance Agency and the New York State Facilities Development Corporation were merged into the Dormitory Authority. Prior to 1995, DASNY did have authorization to build non-dormitory facilities such as nursing homes and court facilities. The merger allowed better pooling of resources, and better efficiencies for clients, carried out by fewer employees of State authorities.[citation needed]

In addition to its construction and finance projects, the Authority also operates an energy-management program in partnership with the New York State Energy Research and Development Authority (NYSERDA), and operates a Tax-Exempt Equipment Leasing Program. These programs are available for the types of clients that DASNY provides construction services for. Furthermore, the Dormitory Authority also runs a School District Building Aid Revenue Bonds Program, used for aiding public school districts in New York State. This program provides an alternative funding source which may be more cost-efficient than other funding sources for such school districts.[citation needed]

External links


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