Mayor Bloomberg rolls out finance options for NYC nonprofits

Mayor Michael Bloomberg, who has long been considered a patron of nonprofits, took steps on Thursday to unleash the growth potential of that community by announcing the formation of a new entity committed to helping the city's 501(c) organizations gain access to low-cost, tax-exempt financing to expand or upgrade facilities.

According to the mayor's office, more than 13 organizations have gone to out-of-state funding sources for assistance in financing capital projects totaling more than $337 million since June 2009.