2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 8 - New York Job Development Authority Subtitle I General Provisions › Sub Title 1 - Subtitle I General Provisions › 1803 - Purposes of the Authority.

§ 1803. Purposes of the authority. The purposes of the authority shall
be:
1.  To  assist,  promote,  encourage,  develop and advance the general
prosperity and economic welfare of  the  people  of  the  state  and  to
improve their standard of living.
2.  To  improve  employment  opportunities in any area of the state by
assisting in financing of:
(a)  the  cost  of  projects  for   the   construction,   acquisition,
rehabilitation  or  improvement  of  any  new,  existing  or  former (i)
industrial or manufacturing plant, (ii) building used for  research  and
development, or (iii) other eligible business facility within the state,
including  the  acquisition of real property therefor, by means of loans
to non-profit local development corporations not to exceed forty percent
of the cost of such project, the repayment of which shall be secured  by
a  mortgage which shall not be a junior encumbrance thereon by more than
fifty percent of such cost, and by means of the guarantees of the  loans
made  by  banking  organizations  which guaranty shall not exceed eighty
percent of the cost of the project, provided, however, that  such  loans
may  be in excess of forty percent but shall not exceed sixty percent of
the cost of such project for loans in economically distressed areas  and
to companies in need of special assistance pursuant to the provisions of
subdivision  seven  of  section  eighteen  hundred  twenty-three of this
chapter.
(b) the purchase of machinery and equipment for use within the  state,
by  means  of  loans to non-profit local development corporations not to
exceed forty percent of the cost of such purchase which shall be secured
by a security interest in such project, and by means of the guarantee of
loans made by banking organizations  which  guaranty  shall  not  exceed
eighty  percent of the cost of the project, provided, however, that such
loans may be in excess of forty  percent  but  shall  not  exceed  sixty
percent of the cost of such project for loans in economically distressed
areas  and  to  companies  in need of special assistance pursuant to the
provisions of subdivision seven of section eighteen hundred twenty-three
of this chapter.
3. To advance the development of industrial,  manufacturing,  research
and  development,  or other eligible business enterprises throughout the
state, including those defined as small business concerns under the  act
of congress entitled "Small Business Investment Act of 1958".
4.  To  assist in financing the cost of projects for the construction,
acquisition,  rehabilitation  or  improvement   of   pollution   control
facilities,  by  means of loans of pollution control funds to non-profit
local development corporations not to exceed ninety percent of the  cost
of any such project.
In  carrying  out  the  purposes of this section and in exercising the
powers granted under this  act,  the  authority  shall  be  regarded  as
performing an essential governmental function.