New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle BB - State Energy Office
Chapter V - Conservation Programs
Part 7910 - Energy Investment Loan Program
Section 7910.10 - Rescission, withholding, and adjustments of interest subsidies
Current through Register Vol. 46, No. 39, September 25, 2024
The Energy Office, in addition to any other rights and remedies it may have pursuant to law, may instruct the financing institution to withhold, rescind, or adjust payment of an interest subsidy or any portion thereof for good cause. As used in this section, the term good cause shall include, but not be limited to, the following:
(a) failure to comply with the requirements of this Part or with other applicable State, Federal, or local laws or regulations;
(b) submission of false or misleading information to the Energy Office;
(c) occurrence of a default on loan payments;
(d) prepayment of the loan;
(e) assignment of the loan; provided, however, that the Energy Office may authorize the financing institution to reinstitute payment of interest subsidies where the Energy Office has provided its written consent to the assignment;
(f) change in the variable interest rate charged by a financing institution which would result in a negative net interest rate being paid by the applicant;
(g) change in scope of work;
(h) change in project cost; and
(i) failure to complete energy conservation improvement project within six months of the program loan closing.
