01/21/2021 | Press release | Distributed by Public on 01/21/2021 14:38
HOW THE CAMPAIGN FINANCE PROGRAM WORKS
The CFB provides public matching funds to qualifying candidates at a matching rate of $8-to-$1 for the first $175 for City Council and Borough President candidates, or $250 for citywide candidates contributed by city residents. Contributions from New York City residents are eligible for a maximum matching funds payment of $1,400 for City Council and Borough President candidates, or $2,000 for citywide candidates. Candidates participating in the program under 'Option B' are subject to higher contribution limits but a lower matching rate and maximum public funds payment.
To qualify for public matching funds, candidates must meet the nonpartisan objective criteria set in the law, including a two-part fundraising threshold. In the City Council District 24 Special Election, candidates must raise 75 contributions from district residents and $5,000 in match-eligible funds (the first $175 from a city resident). Candidates also must comply with all program rules, including individual contribution limits and a prohibition on contributions from corporations, limited liability companies, and partnerships.