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 4212.5 - Eligible and ineligible costs
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4212.5
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Program funds made available for a project (other than a commercial revitalization project) may be used to finance:
(1) new construction, renovation or leasehold
improvements;
(2) the acquisition
of land, buildings, machinery and equipment;
(3) working capital, provided that such
assistance is part of a larger land use improvement or industrial
project;
(4) cost related to the
above, including, without limitation, legal expenses, appraisal costs,
brokerage commissions, interest costs, survey expenses, architectural and
engineering fees, site preparation expenses and relocation expenses;
(5) the cost of conducting or preparing a
feasibility study or preliminary planning for facilities of the character
described in section
4212.3(b)(1)(i)
and (c)(1)(i) of this Part; and
(6) in the case of a project grant, in the
corporation's discretion, the costs of the applicant and/or a consultant in
connection with any aspect of program administration.
(b) The following costs are ineligible for funding under this program:
(1) payment of
tax arrearages or penalties or employee benefit arrearages; and
(2) in-house administrative and overhead
costs of the borrower in connection with a project loan.
(c) In general, expenses incurred prior to the initiation of the application process for program assistance will not be eligible for program funding.
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