New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4247 - Upstate Regional Blueprint Fund Program
Section 4247.4 - Eligibility

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4247.4

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

(a) Eligible applicants shall include, but not be limited to, business improvement districts, local development corporations, economic development organizations, institutions of higher education, incubators, technology parks, private firms, municipalities, counties, regional planning councils, tourist attractions and community facilities.

(b) The corporation shall be eligible for assistance in the forms of loans, grants, or monies contributing to projects for which the corporation or a subsidiary acts as developer.

(1) The corporation may act as developer in the acquisition, renovation, construction, leasing or sale of development projects authorized pursuant to this program in order to stimulate private sector investment within the affected community.

(2) In acting as a developer, the corporation may borrow for purposes of this subdivision for approved projects in which the lender's recourse is solely to the assets of the project, and may make such arrangements and agreements with community-based organizations and local development corporations as may be required to carry out the purposes of this section.

(3) Prior to developing any such project, the corporation shall secure a firm commitment from entities, independent of the corporation, for the purchase or lease of such project. Such firm commitment shall be evidenced by a memorandum of understanding or other document describing the intent of the parties.

(4) Projects authorized under this subdivision whether developed by the corporation or a private developer, must be located in distressed communities, for which there is demonstrated demand within the particular community.

(c) No full-time employee of the State or full-time employee of any agency, department, authority or public benefit corporation (or any subsidiary of a public benefit corporation) of the State shall be eligible to receive assistance under this initiative, nor shall any business, the majority ownership interest of which is beneficially controlled by any such employee, be eligible for assistance under this initiative.

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