Types of YIDA Assistance
Mortgage Recording Tax Exemption
Mortgages in Yonkers carry a 1.80% percent recording tax. The Yonkers IDA has the ability to provide an exemption of 1.5% of the mortgage recording tax for qualified projects.
Sales and Use Tax Exemption:
Sales Tax in Yonkers is 8.875% percent. For qualified projects the IDA can provide a sales tax exemption on the cost of goods and services related to construction, reconstruction, equipment and installation. This can significantly reduce the cost of a project.
Real Property Tax Abatement.
For qualified projects the IDA can offer relief from property taxes by negotiating a Payment In Lieu of Taxes Agreement (PILOT). Not only can this significantly reduce the cost of property taxes, but a multi-year PILOT also provides predictability going forward for the term of the agreement.
How to Get Started:
The first step is to contact the Yonkers IDA to determine if a project meets the IDA guidelines for financial incentives. The IDA will provide an informal review of the project to determine whether incentives are possible, and will walk the applicant through the IDA’s application process. Contact the YIDA at 914-509-8651, or e-mail email@example.com.
Other City of Yonkers Resources:
The Yonkers IDA works in conjunction with the Office of the Mayor and the Department of Planning and Development to help those who want to bring business and investment to the City. Even if your project does not qualify for IDA assistance, we may have other resources to help you like a referral to Yonkers Economic Development Corporation for help obtaining tax exempt bond issuance, if eligible. Navigating government regulations and requirements can be daunting. We want to make it easier by providing as much help as we can.
A primary way the Yonkers Economic Development Corporation (YEDC) promotes economic growth is through the issuance of tax exempt bonds for businesses that wish to locate or expand their operations in the City of Yonkers.
Bond financing offers the following advantages:
competitive inteterst rates
versatile financing may be combined with equity, convetional financing, or public financing to create a well-rounded financial package
provides taxable or tax exempt bonds for projects for acquisition, machinery, equipment and construction