reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.8 - Underwriting criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Information submitted will be evaluated by the corporation's standard
				underwriting criteria, including but not limited to the following:
(1) the ability of the applicant to repay the
				project loan;
(2) borrower must
				display profitability or potential for such;
(3) performance ratio analysis must yield
				satisfactory results, including:
(i)
				sufficient liquidity;
(ii)
				sufficient cash flow to service debt;
(iii) reasonable leverage;
(4) there must be no tax judgments
				in place;
(5) sufficient collateral
				must be in place;
(6) credit checks
				must be satisfactory;
(7)
				principals must display sufficient management ability; and
(8) borrower should be knowledgeable of
				market and industry.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.9 - Affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
ESDC's affirmative action and nondiscrimination policies and
				  programs are grounded in both public policy and applicable law, including but
				  not limited to, section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254(11) of the Unconsolidated Laws. These laws mandate ESDC to take
				  affirmative action in implementing projects. ESDC has charged affirmative
				  action department with overall responsibility to ensure that the spirit of
				  these mandates is incorporated into ESDC's policies and projects. Where
				  applicable, affirmative action department will work with applicants in
				  developing an appropriate affirmative action program for business and
				  employment opportunities generated by ESDC's participation of the
				  project.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.10 - Miscellaneous

Current through Register Vol. 46, No. 28, July 10, 2024
The recipient of assistance must agree to consider for new
				  employment opportunities generated by the project individuals on public
				  assistance and those eligible to participate in Federal Job Training
				  Partnership Act programs.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.11 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				permitted by law, all information regarding the financial condition, marketing
				plans, manufacturing processes, production costs, customer lists, or other
				trade secrets and proprietary information of a person or entity requesting
				assistance from the corporation, which is submitted by such person or entity to
				the corporation in connection with an application for assistance, shall be
				confidential and exempt from public disclosures.
(b) To the extent permitted by law, no
				full-time employee of the State of New York or any agency, department,
				authority, or public benefit corporation thereof shall be eligible to receive
				assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.12 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A nonrefundable
				application fee of $250 must be paid to the corporation before final review of
				an application can be completed.
(b) The corporation will assess an
				administrative fee of up to two percent of the project loan payable upon
				acceptance of commitment with one percent rebated at closing. The corporation
				may allocate the administrative fee to cover project-related expenses it deems
				appropriate. The applicant may be obligated to pay for expenses incurred by the
				corporation and related to the project, including, but not limited to, expenses
				related to appraisals, surveys, title insurance credit searches, filing fees,
				public hearing expenses and other requirements deemed appropriate by the
				corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
These regulations set forth the types of available
				  assistance, evaluation criteria, application and project process and related
				  matters for the Upstate Regional Blueprint Fund (the "program"). The program
				  was created pursuant to section 16-q of the New York State Urban Development
				  Corporation Act, as added by part QQ of chapter 57 of the Laws of 2008, and
				  promotes economic development in the State of New York by encouraging economic
				  and employment opportunities for Upstate New York's citizens by supporting:
				  intellectual capital capacity building; investment products; applied research
				  and development; opportunities for foreign investment and international export;
				  and infrastructure requirements to attract new businesses or expand existing
				  businesses.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part, the terms below should have
				  the following meanings:
(a) The act
				shall mean the New York State Urban Development Corporation Act, added by
				chapter 174 of the Laws of 1968 (as amended).
(b) The corporation shall mean the Upstate
				Empire State Development Corporation, a subsidiary of the New York State Urban
				Development Corporation.
(c)
				Distressed communities shall mean areas as determined by the corporation
				meeting criteria indicative of economic distress, including land value,
				employment rate, rate of employment change, private investment, economic
				activity, percentages and numbers of low income persons, per capita income and
				per capita real property wealth, and such other indicators of distress as the
				corporation shall determine.
(d)
				Not-for-profit corporation shall mean a corporation organized under the
				provisions of the Not-For-Profit Corporation Law.
(e) Upstate New York shall mean the
				geographical area defined by the chairperson of the Urban Development
				Corporation, in consultation with the chairperson of the corporation or if no
				such chairperson is appointed, the president of the corporation, subject to
				approval by the board of directors of the Urban Development Corporation. The
				approved geographical area will be disseminated to eligible parties by the
				Urban Development Corporation's regional offices at the time of
				approval.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.3 - Types of assistance

Current through Register Vol. 46, No. 28, July 10, 2024
The program offers assistance in the form of loans and/or
				  grants to for-profit businesses, not-for-profit corporations, public benefit
				  corporations, municipalities, and research and academic institutions, for
				  activities including, but not limited to, the following:
(a) those identified through region-wide
				collaborative efforts as part of the overall growth strategy for the local
				economy, including but not limited to smart growth and energy efficiency
				initiatives;
(b) activities that
				involve the attraction or expansion of a business, including, but not limited
				to, those primarily engaged in activities identified as a strategic industry,
				and minority-owned and women-owned business enterprises as defined by
				subdivisions (c) and (g) of section
				957 of
				the General Municipal Law;
(c)
				activities that involve land acquisition and/or the construction, acquisition
				or expansion of buildings, machinery and equipment associated with a
				project;
(d) those identified as a
				city by city or regional blueprint priority.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.4 - Eligibility

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Eligible
				applicants shall include, but not be limited to, business improvement
				districts, local development corporations, economic development organizations,
				institutions of higher education, incubators, technology parks, private firms,
				municipalities, counties, regional planning councils, tourist attractions and
				community facilities.
(b) The
				corporation shall be eligible for assistance in the forms of loans, grants, or
				monies contributing to projects for which the corporation or a subsidiary acts
				as developer.
(1) The corporation may act as
				developer in the acquisition, renovation, construction, leasing or sale of
				development projects authorized pursuant to this program in order to stimulate
				private sector investment within the affected community.
(2) In acting as a developer, the corporation
				may borrow for purposes of this subdivision for approved projects in which the
				lender's recourse is solely to the assets of the project, and may make such
				arrangements and agreements with community-based organizations and local
				development corporations as may be required to carry out the purposes of this
				section.
(3) Prior to developing
				any such project, the corporation shall secure a firm commitment from entities,
				independent of the corporation, for the purchase or lease of such project. Such
				firm commitment shall be evidenced by a memorandum of understanding or other
				document describing the intent of the parties.
(4) Projects authorized under this
				subdivision whether developed by the corporation or a private developer, must
				be located in distressed communities, for which there is demonstrated demand
				within the particular community.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.5 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall give priority in granting assistance to
				  those projects:
(a) with significant
				private financing or matching funds through private or other public
				entities;
(b) likely to produce a
				high economic return on public investment;
(c) with existence of significant support
				from the local business community, local government, community organizations,
				academic institutions and other regional parties;
(d) with significant regional breadth or
				likely to have wide regional impact;
(e) with cost benefit analysis that
				demonstrates clear economic benefits from new private sector job creation
				and/or investments;
(f) located in
				distressed communities; or
(g)
				whose application is supported by multiple entities, both public and
				private.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.6 - Application and project process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation may, at its discretion and within available appropriations, issue
				requests for proposals and may at other times accept direct applications for
				program assistance.
(b) Promptly
				after receipt of the application, the corporation shall review the application
				for eligibility, completeness, and conformance with the applicable requirements
				of the act and this rule. Applications shall be processed in full compliance
				with the applicable provisions of section 16-q of the act.
(c) If the proposal satisfies the applicable
				requirements and initiative funding is available, the proposal may be presented
				to the corporation's directors for adoption consideration in accordance with
				applicable law and regulations. The directors normally meet once a month. If
				the project is approved for funding and if it involves the acquisition,
				construction, reconstruction, rehabilitation, alteration or improvement of any
				property, the corporation will schedule a public hearing in accordance with the
				act and will take such further actions as may be required by the act and
				applicable law and regulations. After approval by the corporation and a public
				hearing the project may then be reviewed by the State Public Authorities
				Control Board ("PACB"), which also generally meets once a month, in accordance
				with PACB requirements and policies. Following directors' approval, and PACB
				approval, if required, documentation will be prepared by the corporation.
				Notwithstanding the foregoing, no initiative project shall be funded if
				sufficient initiative monies are not received by the corporation for such
				project.
(d) Nothing herein shall
				prevent the corporation from requiring applicants to submit materials prior to
				submission of a formal application to determine if the proposal meets eligible
				criteria for program assistance.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.7 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				permitted by law, all information regarding the financial condition, marketing
				plans, manufacturing processes, production costs, customer lists, or other
				trade secrets and proprietary information of a person or entity requesting
				assistance from the corporation, which is submitted by such person or entity to
				the corporation in connection with an application for assistance, shall be
				confidential and exempt from public disclosures.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.8 - Expenses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An application
				fee of $250 must be paid to the corporation for projects that involve
				acquisition, construction, reconstruction, rehabilitation, alteration or
				improvement of real property, the financing of machinery and equipment and
				working capital loans and loan guarantees before final review of an application
				can be completed. This fee will be refunded in the event the application is
				withdrawn or rejected.
(b) The
				corporation will assess a commitment fee of up to two percent of the amount of
				any program loan involving projects for acquisition, construction,
				reconstruction, rehabilitation, alteration or improvement of real property, the
				financing of machinery and equipment and working capital payable upon
				acceptance of commitment with up to one percent rebated at closing. No portion
				of the commitment fee will be repaid if the commitment lapses and the project
				does not close. The corporation will assess a fee of up to one percent, payable
				at closing, of the amount of any program grant involving the acquisition,
				construction, reconstruction, rehabilitation, alteration or improvement of real
				property or the financing of machinery and equipment or any loan
				guarantee.
(c) The applicant will
				be obligated to pay for expenses incurred by the corporation in connection with
				the project, including, but not limited to, expenses related to attorney,
				appraisals, surveys, title insurance, credit searches, filing fees, public
				hearing expenses and other requirements deemed appropriate by the
				corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4247 - Upstate Regional Blueprint Fund Program › Section 4247.9 - Affirmative action and non-discrimination

Current through Register Vol. 46, No. 28, July 10, 2024
Program applications shall be reviewed by the corporation's
				  affirmative action department, which shall, in consultation with the applicant
				  and/or proposed recipient of the program assistance and any other relevant
				  involved parties, develop appropriate goals, in compliance with applicable law
				  (including section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254(11) of the Unconsolidated Laws) and the corporation's policy, for
				  participation in the proposed project by minority group members and women.
				  Compliance with laws and the corporation's policy prohibiting discrimination in
				  employment on the basis of age, race, creed, color, nation origin, gender,
				  sexual preference, disability or marital status shall be
				  required.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
These regulations set forth the types of available
				  assistance, evaluation criteria, application and project process and related
				  matters for the Downstate Revitalization Fund (the "program"). The program was
				  created pursuant to section 16-r of the New York State Urban Development
				  Corporation Act, as added by chapter 57 of the Laws of 2008 (the "act") for the
				  purposes of supporting investment in distressed communities in the downstate
				  region and in support of projects that focus on encouraging business,
				  community, and technology-based development, and supporting innovative programs
				  of public and private cooperation working to foster new investment, job
				  creation and small business growth.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of these regulations, the terms below will have
				  the following meanings:
(a)
				Corporation shall mean the New York State Urban Development Corporation doing
				business as Empire State Development.
(b) Distressed community shall mean a census
				tract, or defined portion thereof, that, according to the most recent census
				data available, has:
(1) a poverty rate of at
				least 20 percent for the year to which the data relate; and
(2) an unemployment rate of at least 1.25
				times the statewide unemployment rate for the year to which the data
				relate.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.3 - Types of assistance

Current through Register Vol. 46, No. 28, July 10, 2024
The program offers assistance in the form of loans and/or
				  grants to for-profit businesses, not-for-profit corporations, public benefit
				  corporations, municipalities, and research and academic institutions, for
				  activities including, but not limited to, the following:
(a) support for projects identified through
				collaborative efforts as part of the overall growth strategy for the local
				economy, including, but not limited, to smart growth and energy efficiency
				initiative; and intellectual capital capacity building;
(b) support for the attraction or expansion
				of a business including, but not limited to, those primarily engaged in
				activities identified as a strategic industry and minority-owned and
				women-owned business enterprises as defined by subdivisions (c) and (f) of
				section
				957 of
				the General Municipal Law and section
				310 of the
				Executive Law;
(c) support for land
				acquisition and/or the construction, acquisition or expansion of buildings,
				machinery and equipment associated with a project; and
(d) support for projects located in an
				investment zone as defined by paragraph (i) of subdivision (d) of section
				957 of
				the General Municipal Law.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.4 - Eligibility

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Eligible
				applicants shall include, but not be limited to, business improvement
				districts, local development corporations, economic development organizations,
				for profit businesses, not-for-profit corporations, public benefit
				corporations, municipalities, counties, research and academic institutions,
				incubators, technology parks, private firms, regional planning councils,
				tourist attractions and community facilities.
(b) The corporation shall be eligible for
				assistance in the form of loans, grants, or monies contributing to projects for
				which the corporation or a subsidiary act as developer.
(1) The corporation may act as developer in
				the acquisition, renovation, construction, leasing or sale of development
				projects authorized pursuant to this program in order to stimulate private
				sector investment within the affected community.
(2) In acting as a developer, the corporation
				may borrow for purposes of this subdivision for approved projects in which the
				lender's recourse is solely to the assets of the project, and may make such
				arrangements and agreements with community-based organizations and local
				development corporations as may be required to carry out the purposes of this
				section.
(3) Prior to developing
				any such project, the corporation shall secure a firm commitment from entities,
				independent of the corporation, for the purchase or lease of such project. Such
				firm commitment shall be evidenced by a memorandum of understanding or other
				document describing the intent of the parties.
(4) Projects authorized under this
				subdivision whether developed by the corporation or a private developer, must
				be located in distressed communities, for which there is demonstrated demand
				within the particular community.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.5 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall give priority in granting assistance to those projects:
(1) with significant private financing or
				matching funds through other public entities;
(2) likely to produce a high return on public
				investment;
(3) with existence of
				significant support from the local business community, local government,
				community organizations, academic institutions and other regional
				parties;
(4) deemed likely to
				increase the community's economic and social viability;
(5) with cost benefit analysis that
				demonstrates increased economic activity, sustainable job creation and
				investments;
(6) located in
				distressed communities;
(7) whose
				application is submitted by multiple entities, both public and private;
				or
(8) such other requirements as
				determined by the corporation as are necessary to implement the provisions of
				the program;
(9) applications for
				assistance will be scored competitively, using a point system. Applications
				under each track will be scored separately; requests for assistance under one
				track thus will not be scored against requests for assistance under another
				track.
Following are the scoring criteria and the points assigned to
				  each area:
Maximum Score
Criterion
Business
Infrastructure
Downtown
Private financing leveraged
10
10
5
Public financing leveraged
5
5
5
Return on public investment
10
5
5
Increased economic activity
10
5
5
Distressed Census Tract
10
10
10
Application supported by multiple public/private
							 entities
7
7
7
Local/regional support
3
3
3
Significant regional breadth, likely to have wide
							 regional impact, or likely to increase the community's economic and social
							 viability
5
5
5
Minority or women-owned business enterprise
5
5
5
Comports with identifiable regional development
							 plans/initiatives
5
5
5
Loan v. grant
10
10
10
ESDC credit score (considers cash flow, collateral and
							 guarantees)
10
10
10
Project readiness
5
5
5
Sustainable development
5
5
5
Reuse/remediation
5
5
5
Identified tenants
5
5
5
Potential to revitalize a downtown neighborhood
3
3
3
Consistency/preserve architectural character
2
2
2
President & CEO discretion
10
10
10
Total
125
115
110
(i) President
				& CEO discretion. ESD's President and CEO will be able to assign up to 10
				points in recognition of factors not otherwise captured in the scoring, such as
				geographic distribution throughout the State and a project's potentially
				transformative nature.
(ii) Scoring
				process. Applications will be scored in ESDC's regional offices, with
				assistance from ESDC's central office in estimating a project's fiscal and
				economic benefits and performing credit analysis. Funding recommendations will
				be made based on scoring results and final decisions will be made once
				President and CEO discretionary points have been assigned.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.6 - Application and approval process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation may, at its discretion and within available appropriations, issue
				requests for proposals and may at other times accept direct applications for
				program assistance.
(b) Promptly
				after receipt of the application, the corporation shall review the application
				for eligibility, completeness, and conformance with the applicable requirements
				of the act and this rule. Applications shall be processed in full compliance
				with the applicable provisions of section 16-r of the act.
(c) If the proposal satisfies the applicable
				requirements and initiative funding is available, the proposal may be presented
				to the corporation's directors for adoption consideration in accordance with
				applicable law and regulations. The directors normally meet once a month. If
				the project is approved for funding and if it involves the acquisition,
				construction, reconstruction, rehabilitation, alteration or improvement of any
				property, the corporation will schedule a public hearing in accordance with the
				act and will take such further action as may be required by the act and
				applicable law and regulations. After approval by the corporation and a public
				hearing the project may then be reviewed by the State Public Authorities
				Control Board ("PACB"), which also generally meets once a month, in accordance
				with PACB requirements and policies. Following directors' approval, and PACB
				approval, if required, documentation will be prepared by the corporation.
				Notwithstanding the foregoing, no initiative project shall be funded if
				sufficient initiative monies are not received by the corporation for such
				project.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.7 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
To the extent permitted by law, all information regarding the
				  financial condition, marketing plans, manufacturing processes, production
				  costs, customer lists, or other trade secrets and proprietary information of a
				  person or entity requesting assistance from the corporation, which is submitted
				  by such person or entity to the corporation in connection with an application
				  for assistance, shall be confidential and exempt from public
				  disclosures.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.8 - Expenses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An application
				fee of $250 must be paid to the corporation for projects that involve
				acquisition, construction, reconstruction, rehabilitation alteration or
				improvement of real property, the financing of machinery and equipment and
				working capital loans and loan guarantees before final review of an application
				can be completed. This fee will be refunded in the event the application is
				withdrawn or rejected.
(b) The
				corporation will assess a commitment fee of up to two percent of the amount of
				any program loan involving projects for acquisition, construction,
				reconstruction, rehabilitation, alteration or improvement of real property, the
				financing of machinery and equipment and working capital payable upon
				acceptance of commitment with up to one percent rebated at closing. No portion
				of the commitment fee will be repaid if the commitment lapses and the project
				does not close. The corporation will assess a fee of up to one percent, payable
				at closing, of the amount of any program grant involving the acquisition,
				construction, reconstruction, rehabilitation, alteration or improvement of real
				property or the financing of machinery and equipment or any loan
				guarantee.
(c) The applicant will
				be obligated to pay for expenses incurred by the corporation in connection with
				the project, including, but not limited to, expenses related to attorney,
				appraisals, surveys, title insurance, credit searches, filing fees, public
				hearing expenses and other requirements deemed appropriate by the
				corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4249 - Downstate Revitalization Fund Program › Section 4249.9 - Affirmative action and non-discrimination

Current through Register Vol. 46, No. 28, July 10, 2024
Program applications shall be reviewed by the corporation's
				  affirmative action department, which shall, in consultation with the applicant
				  and/or proposed recipient of the program assistance and any other relevant
				  involved parties, develop appropriate goals, in compliance with applicable law
				  (including section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254[11] of the Unconsolidated Laws) and the corporation's policy, for
				  participation in the proposed project by minority group members and women.
				  Compliance with laws and the corporation's policy prohibiting discrimination in
				  employment on the basis of age, race, creed, color, national origin, gender,
				  sexual preference, disability or marital status shall be
				  required.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to set forth and codify
				  administration by the New York State Urban Development Corporation (the
				  corporation) of the Small Business Revolving Loan Fund (the program) authorized
				  by section 16-t of the New York State Urban Development Corporation Act (the
				  act) (Unconsolidated Laws section 6266-t, added by chapter 59, part N, section
				  1, of the Laws of 2010). The corporation is authorized, within available
				  appropriations, to provide low interest loans to community development
				  financial institutions, in order to provide funding for those lending
				  organizations' loans to small businesses, located within New York State, that
				  generate economic growth and job creation within New York State but that are
				  unable to obtain adequate credit or adequate terms for such credit. If the use
				  of a community development financial institution is not practicable based upon
				  an assessment of geographic and administrative capacity and other factors as
				  determined by the corporation, then the corporation is authorized, within
				  available appropriations, to provide low interest loans to the following other
				  local community based lending organizations: small business lending consortia,
				  certified development companies, providers of United States Department of
				  Agriculture business and industrial guaranteed loans, United States Small
				  Business Administration loan providers, credit unions and community
				  banks.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Administrative
				costs shall mean expenses incurred by a community based lending organization in
				its administration of a program loan from the corporation.
(b) Administrative income shall mean income
				from:
(1) fees charged by a community based
				lending organization, including application fees, commitment fees and loan
				guarantee fees related to the business loans made to borrowers by the community
				based lending organization; and
(2)
				interest income earned on the portion of the program funds held by the
				community based lending organization (whether such funds are undisbursed
				program funds or are repayment proceeds of business loans made by the community
				based lending organization).
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.3 - Eligible business, eligible projects and ineligible projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Business loans
				shall be offered by community based lending organizations on the terms and
				conditions that are in accordance with and subject to the act and the
				provisions of this Part. Business loans shall be provided by the community
				based lending organization only to eligible businesses for eligible projects
				and shall not be used for ineligible projects. The terms eligible business,
				eligible projects and ineligible projects are defined as follows. An eligible
				business is a:
(1) business enterprise that
				is resident in and authorized to do business in New York State;
(2) independently owned and
				operated;
(3) not dominant in its
				field; and
(4) employs 100 or fewer
				persons.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.4 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Eligible uses
				of program funds by a small business borrower of the community based lending
				organization are:
(1) working
				capital;
(2) acquisition and/or
				improvement of real property;
(3)
				acquisition of machinery and equipment; and
(4) refinancing of debt obligations provided
				that:
(i) it does not refinance a loan
				already in the portfolio of the community based lending organization;
(ii) the refinanced loan will provide a
				tangible benefit to the business borrower as determined by the corporation in
				writing; and
(iii) the aggregate of
				the principal of all borrower refinancing loan amounts in the community based
				lending organization's program loan portfolio is not greater than 25 percent of
				the principal amount of the corporation's program loan to the community based
				lending organization.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.5 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
A community based lending organization may charge
				  application, commitment and loan guarantee fees pursuant to a schedule of fees
				  adopted by the institution and approved in writing by the
				  corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.6 - Niagara, St. Lawrence, Erie, and Jefferson Counties

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding anything to the contrary in this rule, the
				  corporation shall provide at least $500,000 in program funds to community based
				  lending organizations for the purpose of making loans to small businesses
				  located in each of the following counties: Niagara, St. Lawrence, Erie and
				  Jefferson.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.7 - Business loan types and limits

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				There shall be two categories of business loans to eligible businesses:
(1) a microloan that shall have a principal
				amount that is less than $25,000; and
(2) a regular loan that shall have a
				principal amount not less than $25,000.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.8 - General evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				In addition to such criteria as may be set forth by the corporation from time
				to time in solicitations for applications from community based lending
				organizations, the corporation shall evaluate the program assistance
				application of a community based lending organization in conformance with the
				act and in accordance with the criteria set forth in this Part, including as
				applicable:
(1) the ability of the community
				based lending organization to analyze small business applications for business
				loans, to evaluate the credit worthiness of small businesses, and to monitor
				and service business loans;
(2) the
				ability of the community based lending organization to review every business
				loan application in order to determine, among other things, the feasibility of
				the proposed eligible use(s) of the financing requested by the small business
				applicant, the likelihood of repayment, and the potential that the loan will
				generate economic development and jobs within the State;
(3) the ability of the community based
				lending organization to target and market to minority and women-owned
				enterprises and other small businesses that are having difficulty accessing
				traditional credit markets.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.9 - General requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program
				funds shall be disbursed to a community based lending organization by the
				corporation in the form of a program loan.
(1) The term of the program loan shall
				commence upon closing of the program loan fund agreement between the
				corporation and the community based lending organization.
(2) The program loan shall carry a low
				interest rate determined by the corporation based on then prevailing interest
				rates and the circumstances of the community based lending
				organization.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.10 - Loan fund accounts

Current through Register Vol. 46, No. 28, July 10, 2024
Each community based lending organization shall deposit
				  program funds awarded by the corporation, repayments, and interest earned into
				  a bank account in a State or Federal chartered banking
				  institution.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.11 - Application and approval process

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall identify eligible community based
				  lending organizations through one or more competitive statewide or local
				  solicitations.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.12 - Auditing, compliance and reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The community based lending organization
				shall submit to the corporation annual reports and additional reports as
				requested at the discretion of the corporation stating:
(1) the number of business loans
				made;
(2) the amount of each
				business loan;
(3) the amount of
				program loan proceeds used to fund each business loan;
(4) the use of business loan proceeds by the
				borrower;
(5) the number of jobs
				created or retained;
(6) a
				description of the economic development generated;
(7) the status of each outstanding business
				loan; and
(8) such other
				information as the corporation may require.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.13 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				permitted by law, all information regarding the financial condition, marketing
				plans, manufacturing processes, production costs, customer lists, or other
				trade secrets and proprietary information of a person or entity requesting
				assistance from the loan fund administered through the selected community based
				lending organizations by the corporation, shall be confidential and exempt from
				public disclosures.
(b) To the
				extent permitted by law, no full time employee of the State of New York or any
				agency, department, authority or public benefit corporation thereof shall be
				eligible to receive assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4250 - Small Business Revolving Loan Fund › Section 4250.14 - Non-discrimination and affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation's affirmative action and non-discrimination
				  policies and programs are grounded in both public policy and applicable law,
				  including but not limited to, section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254(11) of the Unconsolidated Laws. These laws mandate the corporation to take
				  affirmative action in implementing programs. The corporation has charged the
				  affirmative action department with overall responsibility to ensure that the
				  spirit of these mandates is incorporated into the corporation's policies and
				  projects. Where applicable, the affirmative action department will work with
				  applicants in developing an appropriate affirmative action program for business
				  and employment opportunities generated by the corporation's participation of
				  the program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this rule is to facilitate the administration
				  of the Capital Access Program (the program) authorized by section 16-k of the
				  New York State Urban Development Corporation Act (the act). Pursuant to the
				  act, the corporation (hereinafter defined) may, within available
				  appropriations, assist small businesses, that otherwise find it difficult to
				  obtain regular or sufficient bank financing, through the funding of loan loss
				  reserves for loans made to such small businesses by participating financial
				  institutions.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Act shall have
				the meaning given in section
				4251.1 of this Part.
(b) Capital Access Program (program or CAP)
				shall mean the loan portfolio insurance program established pursuant to section
				16-k of the act and subject to applicable laws, rules and regulations, and any
				guidelines that the corporation may from time to time adopt with respect to the
				program.
(c) Community based
				lending organization shall include community development financial
				institutions, small business lending consortia, certified development
				companies, providers of United States Department of Agriculture business and
				industrial guaranteed loans, United States Small Business Administration loan
				providers, community development credit unions, and community banks.
(d) Corporation shall mean the New York State
				Urban Development Corporation, d/b/a Empire State Development, a corporate
				governmental agency of the State of New York, constituting a political
				subdivision and public benefit corporation created by chapter 174 of the Laws
				of 1968, as amended.
(e) Eligible
				small business shall mean a small business that otherwise finds it difficult to
				obtain regular or sufficient bank financing.
(f) Financial institution shall mean any
				bank, trust company, savings bank, savings and loan association or cooperative
				bank chartered by the State or any national banking association, Federal
				savings and loan association or Federal savings bank or any community based
				lending organization, provided, however, that such entity has its principal
				office located in the State.
(g)
				Highly distressed area shall mean an area of pervasive poverty, high
				unemployment and general economic distress, that has:
(1) a poverty rate of at least 20 percent for
				the most recent year for which the data is available; or
(2) an unemployment rate of at least 1.25
				times the statewide unemployment rate for the most recent year for which the
				data is available; or
(3) a median
				household income that is 80 percent or less of the statewide median household
				income for the most recent year for which the data is available.