History of Empire State Development

History of Empire State Development: "The Corporation can also exercise powers of condemnation, act as an agent in obtaining federal subsidies and grants for projects and invest in real estate at below-market interest rates in a manner similar to that of an individual development agency.

The Corporation’s ability to execute complex financial transactions, coordinate public and private resources and serve as a one-stop development authority thus offers a combination of services that no other private or public service entity in New York State can provide.

 In 1975, the Corporation was reorganized and its mission expanded from developing housing to economic development. 

The Corporation still maintains a housing portfolio that currently includes mortgages valued at $650 million covering 20,200 housing units."



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