21 CRR-NY 4212.5NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 21. MISCELLANEOUS
CHAPTER L. NEW YORK STATE URBAN DEVELOPMENT CORPORATION
PART 4212. HIGH-RISK TARGETED INVESTMENT PROGRAM
21 CRR-NY 4212.5
21 CRR-NY 4212.5
4212.5 Eligible and ineligible costs.
(a) Program funds made available for a project (other than a commercial revitalization project) may be used to finance:
(1) new construction, renovation or leasehold improvements;
(2) the acquisition of land, buildings, machinery and equipment;
(3) working capital, provided that such assistance is part of a larger land use improvement or industrial project;
(4) cost related to the above, including, without limitation, legal expenses, appraisal costs, brokerage commissions, interest costs, survey expenses, architectural and engineering fees, site preparation expenses and relocation expenses;
(5) the cost of conducting or preparing a feasibility study or preliminary planning for facilities of the character described in section 4212.3(b)(1)(i) and (c)(1)(i) of this Part; and
(6) in the case of a project grant, in the corporation's discretion, the costs of the applicant and/or a consultant in connection with any aspect of program administration.
(b) The following costs are ineligible for funding under this program:
(1) payment of tax arrearages or penalties or employee benefit arrearages; and
(2) in-house administrative and overhead costs of the borrower in connection with a project loan.
(c) In general, expenses incurred prior to the initiation of the application process for program assistance will not be eligible for program funding.
21 CRR-NY 4212.5
Current through September 15, 2021
End of Document