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Municipal Assistance Corporation

New York State public benefit corporation

A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.

Best known is the MAC created for New York City during the 1975 New York City fiscal crisis. The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley.{{cite web |archive-url=https://web.archive.org/web/20100612141837/http://newman.baruch.cuny.edu/digital/2003/amfl/mac/mac_finding_aid_index.htm |archive-date=June 12, 2010 |url-status=dead

The other MAC was created on July 19, 1995 for the City of Troy. In 2017, it had operating expenses of $50,000, an outstanding debt of $24.45 million, and no reported staff members.

References

Chira, Susan. (December 12, 1992). "THE TRANSITION: Woman in the News; Emphasis On Action: Donna Edna Shalala". The New York Times.
Roger Dunstan. (March 1, 1995). "Overview of New York City's Fiscal Crisis". [[California State Library#California Research Bureau.
"Municipal Assistance Corporation (MAC)". [[Troy, New York]].
"NYSABO 2018 Report".

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