New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter VIII - Office Of Waste Prevention Services
Part 71 - Agricultural Wastewater Energy Conservation Loan Program
Section 71.4 - Loans
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 71.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) General. Loans for qualifying wastewater treatment projects may be made by either the department or a financing institution, at fixed or variable rates.
(b) Loans funded by department.
(1) Department loans may not exceed $250,000
or the cost of the project, whichever is less. Payment terms and security
arrangements will be flexible, depending on the particular characteristics of
the project. Loans that are secured by fixed assets will be
preferred.
(2) The interest rate on
a department loan will be set at the time the department approves the loan
application and will reflect market conditions, the program recipient's ability
to repay and project requirements.
(3) The term for a department loan shall be
determined by the department in its sole discretion, but shall not exceed 10
years.
(4) Written commitments from
other funding sources necessary for completion of the project will be required
before disbursement of a department loan.
(c) Loans funded by financing institutions.
(1) The department shall review the terms of
any proposed financing institution loan to a program recipient. To obtain
program assistance, financing institution loans shall be amortized over the
term of the loan; provided, however, that deferred or graduated payments may be
permitted for good cause shown, in the sole discretion of the department. The
department may refuse to grant program assistance if the proposed interest rate
on a financing institution loan is determined by the department to be
unreasonably high, after considering prevailing market conditions and the
interest rates on other loans.
(2)
The department's commitment of program assistance for loans made by a financing
institution will be final and the loan shall be closed only after the applicant
and the financing institution receive written notification from the department
approving both the loan application and the terms of the financing
institution's loan commitment, and stating the type and material terms of the
program assistance which will be provided by the department.
(3) For loans in which the principal amount
is paid to the program recipient by the financing institution in installments
as the work progresses, program assistance shall not be made available by the
department prior to the payment by the financing institution of the final
installment.
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