NY Pub Auth L § 1822 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 8 - New York Job Development Authority Subtitle I General Provisions Sub Title 4 - Subtitle Iv Financial Assistance Generally 1822 - Loans to Local Development Corporations.

§  1822.  Loans to local development corporations. a. No mortgage loan   shall be made by the authority under the provisions of subtitle II  with   respect  to  a project unless: (1) the local development corporation has   obtained firm commitments satisfactory to the authority from responsible   financial sources, which may but need not include a  federal  agency  or   the  project  occupant, for the total project cost exclusive of any loan   requested from the authority, (2) the local development corporation  has   obtained  a  firm  commitment  satisfactory  to  the  authority from the   project occupant or from a  business  enterprise  described  in  section   eighteen  hundred  twenty-seven  to  lease  or  use  the  project  after   construction, acquisition, rehabilitation or improvement  is  completed,   (3)  the  authority  approves  the  terms  of  such  lease or use and is   satisfied that the project occupant or a business  enterprise  described   in  section  eighteen hundred twenty-seven may reasonably be expected to   comply with the terms thereof, (4) the principal amount of such loan  is   forty  percent  or  less  of  the  project  cost, except as set forth in   paragraphs (a) and (b) of subdivision two of  section  eighteen  hundred   three and paragraph (a) of subdivision seven of section eighteen hundred   twenty-three  of this chapter, (5) such loan is secured by a mortgage on   the project, and (6) such mortgage is not a junior  encumbrance  on  the   project by more than fifty percent of the project cost.b.  No  loan  shall  be  made by the authority under the provisions of   subtitle III with respect to a project unless: (1) the local development   corporation has obtained firm commitments satisfactory to the  authority   from  responsible  financial  sources,  which may but need not include a   federal agency or the project  occupant,  for  the  total  project  cost   exclusive  of  any  loan  requested  from  the  authority, (2) the local   development corporation has obtained a firm commitment  satisfactory  to   the  authority  from  the  project  occupant to lease or use the project   after  construction,  acquisition,  rehabilitation  or  improvement   is   completed, (3) the authority approves the terms of such lease or use and   is  satisfied  that  the  project occupant may reasonably be expected to   comply with the terms thereof, (4) the amount of such loan is ninety per   cent or less of the project cost and the term of  such  loan  is  twenty   years  or  less,  (5)  the  authority  finds  that  the facilities to be   financed through the loan are intended  to  meet  or  exceed  applicable   state  or federal requirements to abate, prevent or control a pollution,   and  the  commissioner  of  environmental  conservation   approves   the   construction plans for any such facilities.c.  No  loan  shall  be  guaranteed by the authority with respect to a   project unless: (1) the project occupant has obtained  firm  commitments   satisfactory  to  the  authority  from  banking  organizations  for  the   financing of the project cost exclusive of the amount to be provided  by   the  project  occupant,  (2) the authority is satisfied that the project   occupant may be reasonably expected to comply with the terms of any loan   for which a guarantee is sought, (3) the  amount  of  the  guarantee  is   eighty percent or less of the project cost, (4) the loan is secured by a   mortgage or security instrument which is not a junior encumbrance on the   project.