Kingston, N.Y. –  The Ulster County Industrial Development  Agency (UCIDA) today announced the formation of the Ulster Capital Resource Corporation (UCRC), which will benefit non-profit groups through the issuance of low-cost bonding.  The Ulster County Legislature formally approved the creation of the UCRC last month.

The non-profit corporation, which is also a public authority, will issue low interest tax exempt bonds in an effort to promote community service, economic development, and job creation. For the past few years, the UCIDA has not been able to issue bonds to non-profits, which the agency acknowledges to be a major source of vital community services and employment in the County.

“In the past, we wanted to help non-profits just as we do the for-profit sector but were unable to do so,” said David O’Halloran, UCIDA Chairperson.  “The UCRC will now begin an effort to reach out to our County’s non-profit companies and offer our bonding tool as a way to help them fulfill their growth plans and bring more jobs to the County.”

Applications for UCRC bonding are now be accepted via the Ulster County Development Corporation.  For questions regarding the program, agency representatives can call Lance Matteson, CEO of the UCIDA and the UCRC at (845) 338-8840 x214 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  For more information about the Ulster County IDA, please visit:  http://www.ulstercountyida.com/

For media interviews, please contact Paul Rakov, Ulster County Development Corporation, at (845) 338-8840 x212 or via e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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