A new local development corporation for New York City nonprofits is starting to accept applications for tax-exempt capital financing. Build NYC Resource Corp. is part of the New York City Economic Development Corp. It held its first organizational meeting Tuesday.

A portion of New York law allowing industrial development agencies to financially assist nonprofits expired in early 2008. Since then, at least 16 city nonprofits have sought assistance from out-of-state or out-of-city bond issuers to finance or refinance projects totaling more than $489 million, the EDC said.

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