The Trust for Cultural Resources of The City of New York is a public benefit corporation created pursuant to Articles 20 and 21 of the New York Arts and Cultural Affairs Law for the purpose of supporting cultural institutions located in New York City.
The Trust is authorized to issue triple tax-exempt debt for the benefit of not-for-profit cultural institutions that operate or make available a museum, a performing arts center, a public television or radio station, a theater, an auditorium, a library, exhibition, performance or rehearsal space, a gallery, artists’ or dancers’ studios, or recording studios. The Trust is also authorized to develop, or participate in the development of, “combined-use facilities."
Neither the State of New York nor The City of New York provides any financial support for any bonds issued by the Trust, and all debt issued by the Trust must be repaid by the specific cultural institution for whose benefit the bonds were issued.
All funds borrowed by the Trust for the benefit of a cultural institution must be used in compliance with the applicable federal tax rules.