KINGSTON – A new entity that will assist non-profit groups through the issuance of low-cost bonding has been formed in Ulster County.  The Ulster Capital Resource Corporation will issue low interest tax exempt bonds in an effort to promote community service, economic development and job creation.

The county Industrial Development Agency, along with IDAs around the state, had that role until the state legislature removed it from those agencies.

Counties have now been forced to create new corporations expressly to assist the non-profits, said County IDA Chairman David O’Halloran.

“Non-profits are an integral part of our community, whether it be a hospital, schools firehouses and so far. And this enables us to provide them with what they have always had, an investment vehicle when they borrow, and they get a lower loan rate through bonding and it allows them to grow in our community and actually use more of that dollars for buildings, employing people and expanding right here.”

The Ulster County Legislature last month approved creation of the Ulster County Capital Resource Corporation.