N.Y. Comp. Codes R. & Regs. Tit. 21 § 2602.4 - Direct financings
(a) The
corporation may or, if so directed by the commissioner, shall provide CWSRF
assistance for a project pursuant to PAL section 1285-j(4) if and to the extent
the corporation may determine that it is unable, or that it is impracticable to
finance all or a portion of a project as a leveraged financing.
(b) The corporation may provide a direct
financing at a reduced interest rate to an ESP only if:
(1) the project is listed on the IUP's
multi-year PPL, and it has received a project priority score high enough to
place it above any funding line on the IUP's annual PPL, except as otherwise
permitted by the act;
(2) except as
otherwise permitted herein, project planning has been completed and the
recipient has submitted an approved engineering report;
(3) the environmental review process has been
completed;
(4) any necessary
special improvement districts have been formed; and
(5) construction of the project has not been
completed.
(c) Interest
rates for direct financings shall be determined by the corporation as an
interest rate or rates no higher than the market rate of interest.
Notes
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