New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.3 - Assistance

Current through Register Vol. 44, No. 38, September 21, 2022

(a) The corporation may make:

(1) project loans for projects as defined in the UDC Act;

(2) participate in capital access deposit programs with participating banking and non-banking institutions for eligible entities that otherwise find it difficult to obtain bank financing; and

(3) participate in other flexible financing programs, including but not limited to linked deposit programs, that leverage traditional financing and facilitate access to financing for projects.

(b) The corporation, in providing assistance through the program, is not required in all instances to make project findings under the UDC Act but may instead render alternative financial assistance through loans or other means predicated upon a determination of the directors of the corporation that:

(1) the proposed use of alternative financial assistance is consistent with the purposes of the program;

(2) the undertaking to be benefitted by the alternative financial assistance will create or preserve a substantial number of jobs;

(3) the alternative financial assistance will assist in the expansion or retention of a business located in the State or the attraction of a business to the State; and

(4) the area in which the alternative financial assistance is to be given is an economically distressed area within a municipality of which all, or a portion of, must be located within the Port District of New York.

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