New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4243 - Economic Development Fund
General Development Financing
Section 4243.12 - Terms and conditions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4243.12

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

(a) Loans will generally not be less than $75,000 or greater than $2,000,000 and shall generally not exceed 40 percent of the total project costs.

(b) Loan guarantees will generally not be less than $75,000 or greater than $2,000,000 and shall generally not exceed 60 percent of the total credit facility.

(c) Interest subsidy grants will generally not be less than $75,000 or greater than $500,000 and shall reduce interest on a loan to the eligible recipient for a period of up to five years. The resultant interest rate generally shall not fall below three percent.

(d) The foregoing terms and conditions are in addition to the applicable general terms and conditions set forth in section 4243.4 of this Part.

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