About Us

Welcome to The Rockland Economic Assistance Corporation (REAC)

About Us

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 enable 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.

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 mortgage or that are granted in connection with such financings, are exempt from payment of the state and local mortgage recording tax.

Board of Directors

  • REAC Executive Director: Steven Porath

REAC Board Members include:

  • Eric Dranoff, Esq., Chair –  appointed 6/18/2019

  • Howard Hellman, Secretary – appointed 6/18/2019

  • Timothy Riley, Treasurer – appointed 10/16/18

  • Peggy Zugibe, Member – appointed 11/7/2018

  • Raja Amar, Member – appointed 6/18/2019

Click here to read more about our board

Committees of the Corporation: The Board was appointed in 2010. Board members are appointed by the Rockland County Executive and Legislature to three-year terms. They also serve as members of the Governance, Audit, and Finance Committees. 

REAC Counsel

  • Brian Quinn, Esq., Local Project Counsel Montalbano, Condon & Frank, P.C.

  • Ronald Grosser, Esq., Bond Counsel  Hawkins, Delafield & Wood LLP