N.Y. Comp. Codes R. & Regs. Tit. 21 § 4227.4 - Child care construction grants
A proposed project shall be eligible for assistance from the corporation in the form of a child care construction grant, provided that:
(a) Eligible project. The
proposed project constitutes an eligible project.
(b) Eligible recipient. The applicant for
assistance from the corporation shall be an eligible recipient.
(c) Eligible costs. The child care
construction grant shall be used for general project development costs,
including, but not limited to:
(1) the
acquisition, design, construction, improvement or renovation of the
site;
(2) the purchase of items of
machinery and equipment necessary for the implementation of the proposed
project; and
(3) in the case of
interest subsidy grants, interest expense incurred by the applicant in
connection with a loan from a private sector lending institution.
(d) Construction and permanent
financing. The child care construction grant may be used for either
construction or permanent financing of eligible costs of an eligible
project.
(e) Ineligible costs. The
child care construction grant may not be used to finance any expense incurred
prior to the initiation of the application process for assistance from the
corporation under the program. For an otherwise eligible project, however, such
expenses may be taken into consideration in determining total project
costs.
(f) Levels of funding. The
maximum amount of assistance from the corporation in the form of a child care
construction grant shall not exceed the following:
(1) eighty percent of total project costs, in
the case of eligible projects located in highly distressed
communities;
(2) sixty-five percent
of total project costs, in the case of eligible projects located in
economically distressed areas; and
(3) fifty percent of total project costs, in
the case of eligible projects located in areas that are neither highly
distressed nor economically distressed areas.
Notes
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