New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4211 - Regional Economic Development Partnership Program
Section 4211.13 - Fees

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4211.13

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Applicants for business development project loans and tourism destination project loans must submit to the corporation an application fee of $100, which shall be refunded by the corporation in the event the application is withdrawn or rejected.

(b) In consideration of the below market interest rate generally offered by the corporation on business development project loans and tourism destination project loans, recipients of such loans shall pay the corporation, at closing, a closing fee of up to 1.0 percent of the amount of loan. In addition, the loan recipient will be obligated to reimburse the corporation for expenses related to the making of the loan, including, but not limited to, expenses related to credit searches, appraisals, surveys, title insurance, filing fees and other expenses deemed appropriate by the corporation. The application fee paid by the recipient pursuant to subdivision (a) of this section shall be credited against the closing fee.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.