New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4212 - High-risk Targeted Investment Program
Section 4212.1 - General
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4212.1
Current through Register Vol. 45, No. 52, December 27, 2023
(a) These regulations establish and codify the application process, eligibility and selection criteria and administrative procedures governing the corporation's High-Risk Targeted Investment Program (other than the Minority and Women Revolving Loan Fund and Technical Assistance Program). The general purposes of the program are:
(1) to provide financial and
other assistance for specific land use improvement, commercial revitalization
and industrial projects in accordance with the provisions of the UDC Act;
(2) to preserve and create jobs;
(3) to eliminate blight and
revitalize economically and physically distressed areas within the State; and
(4) to establish and implement
affirmative action goals for minorities and women in connection with such
projects. The program is funded from amounts appropriated by the State pursuant
to section 1 of chapter 54 of the Laws of 1988 and section 1 of chapter 54 of
the Laws of 1987, as amended by section 29, chapter 839 of the Laws of 1987,
and by section 3, chapter 54 of the Laws of 1988, all such amounts having been
appropriated for deposit to the economic development targeted job development
account (other than amounts allocated for the minority revolving loan fund
program), as such account may be reconstituted and as such appropriated amounts
may be reappropriated and/or supplemented from time to time.
(b) The program provides four types of financial assistance:
(1) loans for
industrial projects and land use improvement projects (see sections
4212.3
-4212.6 and 4212.11 of this Part);
(2) collateral deposits for land use
improvement projects and industrial projects (see sections
4212.3
-4212.6 and 4212.11 of this Part);
(3) grants for land use improvement projects
and industrial projects (see sections
4212.3,
4212.3[b][1][ii],
4212.3[c][1][ii],
4212.4[b],
4212.5[a][4]
and
4212.6[f]
of this Part); and
(4) grants for
commercial revitalization projects (see sections
4212.7
-4212.10 and 4212.12 of this Part).
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