New York Islamic Center Could Qualify For Public Financing
There is no reason why the lower Manhattan Tolerance Center should’t qualify for public financing, just like other religious non-profits. New York City Comptroller John Liu’s office is willing to consider it, says spokesman Scott Sieber.
“If it turns out to be financially feasible and if they can demonstrate an ability to pay off the bonds and comply with the laws concerning tax-exempt financing, we’d certainly consider it,” Sieber told Reuters.
The mosque’s backers hope to raise a total of $70 million in tax-exempt debt to build the center, according to the New York Times. Tax laws allow such funding for religiously affiliated non-profits if they can prove the facility will benefit the general public and their religious activities are funded separately.
The bonds could be issued through a local development corporation created for this purpose, experts said.
The Islamic center would have to repay the bonds, which likely would be less expensive than taxable debt.Click here for reuse options!
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