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:
*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
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.