The team works with Build NYC Resource Corporation, the only section in EDC that has the authority to issue debt. Build NYC issues tax-exempt bonds for non-profit entities such as museums, hospitals, senior living facilities, schools and other places that provide public services. Clement notes 501(c)(3) entities are eligible to receive cheaper financing, debt at much lower interest rates.

EDC established the New York City Neighborhood Capital Corporation as a subsidiary, and as a community development financial institution, it can apply for tax credits. In 2017, EDC was allocated $55 million in tax credits. “We sell those tax credits to financial institutions for equity and with the equity we receive, we then take that money to provide low interest loans,” says Clement.

This means loans with interest rates as low as 1% for people or entities wanting to invest in low income communities. As examples, last year, low interest loans went to the Rockaway Beach Medical Arts Center, the Madison Square Boys and Girls School in Harlem and a Village ShopRite.

Clement has held leadership positions at SGI Global Holdings and Accenture. He also worked at Citigroup and JPMorgan. He accepted the position noting the unique opportunities EDC provides in the diversity of the work. “I get to look at real estate transactions. I get to look at repositioning contracts, venture capital and private equity,” says Clement. “There is a feel-good component with colleagues who want to be really good at their jobs but also want to do good for the community at large.”