Recovery Zone Bonds

Program Description:	Zone Bonds: intended to stimulate economic development in distressed areas. "Recovery Zones" are designated by bond issuer based on economic distress.
Federal Agency:	Treasury/IRS
Agency Website:	www.irs.gov
National Total:	$10 billion for recovery zone economic development bonds (taxable government bonds or “tax credit bonds” for government purpose projects or programs) and $15 billion for recovery zone facility bonds (tax exempt bonds, for private use depreciable property, not subject to aggregate annual State private activity bond volume cap limit).
New York State Total:	The following link provides detail on the allocations by NYS municipalities, as determined by the Treasury/IRS formula: http://www.irs.gov/pub/irs-tege/rzblocalreallocations.pdf
Entities Eligible to Apply:	NYS Counties, municipalities with over 100,000 population

Flow of Funds:	Directly to the municipality
Obligation Deadline:	Bonds must be issued before January 1, 2011
Reporting Requirements:	IRS reporting (Form 8038–CP) Instructions: http://www.irs.gov/pub/irs-pdf/i8038cp.pdf Form: http://www.irs.gov/pub/irs-pdf/f8038cp.pdf
IRS reporting (Form 8038–CP)
State Agency:	Empire State Development (for basic guidance only on this federal bond program)
State Agency Website:	www.recovery.ny.gov www.empire.state.ny.us
State Agency Technical Contact:	Kay Wilkie
Additional Information:	http://www.irs.gov/taxexemptbond/index.html and http://www.irs.gov/taxexemptbond/article