H.E.A.L.T.H.Y Hempstead

The Incorporated Village of Hempstead Community Development Agency (CDA), on behalf of the Incorporated Village of Hempstead, has applied for and received approval for funding from the New York State Department of Transportation (NYSDOT) in the amount of $1.6 million for a project to redesign and repair infrastructure, known as the Main Street Beautification and Pedestrian Access Enhancement project. This funding will be used toward a complete revitalization and façade improvement program for the portion of Main Street beginning at Front Street and running northward to Nichols Court,

MOODYS RATING INCREASE FOR THE VILLAGE OF HEMPSTEAD

Moody’s Investors Service has assigned a Baa2 rating with a stable outlook to the Village of Hempstead’s $3.6 million General Obligation Serial Bonds. Moody’s has also upgraded to Baa2 from Baa3, the rating on $42.8 million in outstanding parity debt. The upgrade reflects audited 2007 results which show a positive fund balance in the General Fund for the first time in at least eight years and the concrete steps management has taken to strengthen the village’s financial position. As reflected in the upgrade to Baa2, Moody’s believes the village’s financial recovery has begun, as evidenced by surplus operations in the General Fund, the return to a positive fund balance and the village management’s implementation of a fiscal recovery plan. Moody’s stable outlook factors the positive steps the village has taken toward financial improvement. These include appropriate budgeting for tax appeal settlements and property tax collections; and positive steps towards structurally balance

About RESTORE NEW YORK

The Incorporated Village of Hempstead Community Development Agency is proud to announce that the Empire State Development Corporation through the Restore New York Program has awarded funding in the amount of $585,000 to the Village of Hempstead for the revitalization of the Main Street corridor, which includes privately owned properties on Main Street. About RESTORE NEW YORK The 2006-07 State Budget enacted the Restore New York’s Community Initiative and gave Empire State Development Corporation the responsibility of implementing the $300 million program for the sole purpose of revitalizing urban areas and stabilizing neighborhoods. These funds are awarded to municipalities and disbursed to qualifying private owners.

RESTORE NY GRANT