New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4209 - Regional Revolving Loan Trust Fund
Section 4209.1 - Purpose
The purpose of this Part is to set forth and codify administration by the New York State Urban Development Corporation of the Regional Revolving Loan Trust Fund authorized by the Omnibus Economic Development Act of 1987, chapter 839 of the Laws of 1987. The purpose of the trust fund is to authorize regional corporations, selected by the corporation, to administer trust fund proceeds to assist eligible businesses in the implementation of projects that demonstrate a substantial likelihood of providing increases in net new permanent jobs or retaining jobs in businesses that need such financial assistance to remain viable. The program will also seek to establish affirmative action goals for participation in projects by minorities and women.