New York City Comptroller William C. Thompson, Jr. issued the following statement regarding a decision by the Capital Resource Corporation (CRC) to begin allowing non-profits to refinance existing projects:

“I applaud the unanimous decision by the CRC. This creative solution will help pave the way for many of the City’s finest institutions, such as schools, hospitals, and social service providers, to navigate frozen credit markets during these tough financial times. Refinancing options that can help raise capital or negotiate different interest rates on pre-existing projects will help non-profits move forward with important city facility projects.

I am proud to have played a role in developing this solution, and look forward to continuing this work with the CRC. We must do as much as possible to help our City’s non-profits get out from under the crushing burden of the financial crisis.”

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