New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4244.2

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

(a) Alternative financial assistance shall mean the ability of the corporation to make loans, deposits and other investments with program funds without the requirement of making project findings as set forth in the UDC Act; provided, however, that any alternative financial assistance shall be by means of a written agreement evidencing the prudent exercise of the corporation's judgment.

(b) Corporation shall mean the New York State Urban Development Corporation, doing business as the Empire State Development Corporation, a public benefit corporation created by chapter 174 of the Laws of 1968, as amended (the "UDC Act").

(c) Economic development zone shall mean an area of the State designated as such pursuant to article 18-B of the State General Municipal Law, or such other meaning as may from time to time be set forth in section 957 of the General Municipal Law.

(d) Economically distressed area shall mean:

(1) a census tract and/or contiguous tracts in New York City, or parts of Nassau, Westchester and Rockland Counties that comprise the New York portion of the service area of the Port Authority of New York and New Jersey, which display any one of the following characteristics:
(i) the percentage of the population below the poverty level equals or exceeds the State average, or the annual rate of increase of this population segment exceeds the State average;

(ii) the percentage of the population receiving public assistance equals or exceeds the State average; or the annual rate of increase of this population segment exceeds the State average;

(iii) the level of payroll employment declines at a rate greater than the State average, or increases at less than the State average during a 24-month period;

(iv) the unemployment level equals or exceeds the State average during a 24- month period;

(v) the project is located within a State-designated economic development zone; or

(vi) the project is located within a federally-designated empowerment zone.

(e) Empowerment zone shall mean that part of the City of New York designated as an empowerment zone by the United States Department of Housing and Urban Development, pursuant to title XIII, subchapter (C), part 1 of the Omnibus Budget Reconciliation Act of 1993.

(f) Project shall have the meaning set forth in section 3 of the New York State Urban Development Corporation Act.

(g) Project loans shall mean loans made by the corporation pursuant to the program.

(h) State shall mean the State of New York.

(i) UDC Act shall mean chapter 174 of the Laws of 1968, as amended.

(j) Port district shall mean the New York portion of the service area of the Port Authority of New York and New Jersey.

(k) Public/private partnerships shall mean joint ventures between public and private organizations to develop and finance the proposed project.

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