Rockland County EAC
The Rockland Economic Assistance Corporation (REAC) was formed on behalf of Rockland County as a not-for-profit local development corporation. REAC’s primary purpose is to assist other not-for-profit corporations within the County to have access to low-cost tax-exempt financing. REAC acts as an instrumentality of the County. REAC is self-supporting and does not receive any public funds.
REAC Board* members include:
- Eric Dranoff, Esq., Chair
- Howard Hellman, Secretary
- Timothy Riley, Treasurer
- Catherine Nowicki, Member
- Richard M. Struck, Member
*Committees of the Corporation: The Board was appointed in 2010. They also serve as members of the Governance, Audit and Finance Committees.
REAC Executive Director
- Steven Porath
REAC Counsel
- Anthony Montalbano, Esq., Local Project Counsel | Montalbano, Condon & Frank, P.C.
- Ronald Grosser, Esq., Bond Counsel | Hawkins, Delafield & Wood LLP
BENEFITS
Tax-exempt Financing for Eligible Projects: REAC is authorized to issue conduit bonds for projects of other not-for-profit entities that are located within the County. For eligible projects, REAC bonds will qualify for tax-exempt status.
Mortgage Recording Tax Exemption: As an instrumentality of the County, mortgages on which REAC is a mortgagor that are granted in connection with such financings, are exempt from payment of the state and local mortgage recording tax.
To learn more about the REAC, benefits and eligibility criteria, as well as the Application and approval process, contact Steven Porath, Executive Director at 845.735.7040 | stevenp@redc.org.
