N.Y. Comp. Codes R. & Regs. Tit. 21 § 4247.4 - Eligibility
(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.
(c) No full-time employee of the State or
full-time employee of any agency, department, authority or public benefit
corporation (or any subsidiary of a public benefit corporation) of the State
shall be eligible to receive assistance under this initiative, nor shall any
business, the majority ownership interest of which is beneficially controlled
by any such employee, be eligible for assistance under this
initiative.
Notes
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