OPERATIONS& ACCOMPLISHMENTS REPORT 2016
TOWN OF HEMPSTEAD
LOCAL DEVELOPMENT CORPORATION

The Town of Hempstead Local Development Corporation was reconstituted from its inactive status on March 25, 2009, with the adoption of its corporate by laws by its Board of Directors. The Town of Hempstead Local Development Corporation is authorized by law to provide benefits to not-for-profits and charitable entities.

2016 continued to be a challenging year financially for not-for-profits who found fundraising difficult in this economic environment. There were no projects brought to fruition during the fiscal year 2016. However a number of  refinancing applications are currently being prepared by a number of educational institutions which will be addressed in early, 2017.

The LDC has in previous years has enjoyed assisting both a number of institutions of higher learning, including Adelphi University, Hofstra University and Molloy College. As well as a number of religious and non-for-profit eleemosynaries.

The LDC expects that a number of projects will be completed during fiscal year 2016. 

Resolution Number:  013-2017 LDC
Adopted:  3/30/17
Ayes: 6
Nays: 0

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Arthur J. Nastre
Chairman