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 4212.11 - Project applications
Current through Register Vol. 45, No. 52, December 27, 2023
(a) To be considered for program assistance with respect to any project (other than a commercial revitalization project), an applicant must submit an application providing, as appropriate, the following data and documents described in this section on forms that the corporation shall furnish upon request:
(b) The application and all data and documents made a part thereof must be duly certified by the applicant as to truth, completeness and accuracy. Upon receipt of the duly certified application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria.
(c) If the project team concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for preliminary approval. The directors normally meet once a month. In the event that the corporation's directors preliminarily approve a project as provided above, the corporation will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing and mandatory comment period, the directors of the corporation will be requested to either approve or disapprove the project. In the event the directors approve a project, it must then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month. In the event PACB approves a project loan or project collateral deposit, legal documents will be drafted by the corporation.
(d) To apply for assistance from the program, an interested party should request an application form from: Director, High-Risk Targeted Investment Program, New York State Urban Development Corporation, 1515 Broadway, New York, NY 10036-8960, (212) 930-9000.