Welcome to The Rockland Economic Assistance Corporation (REAC)
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.
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
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.
Brian Quinn, Esq., Local Project Counsel Montalbano, Condon & Frank, P.C.
Ronald Grosser, Esq., Bond Counsel Hawkins, Delafield & Wood LLP