New York Laws
Sub Title 4 - Subtitle Iv Financial Assistance Generally
1823 - Further Restrictions on Loans and Loan Guarantees.

(i) projects which are or will be located in empire zones designated
pursuant to article eighteen-b of the general municipal law or in areas
that meet, in accordance with the most recent census data available, the
following criteria:
(A) the area must have a poverty rate of at least twenty percent for
the year to which the data relate; and
(B) the area must have an unemployment rate of at least one hundred
twenty-five percent of the statewide unemployment rate for the year to
which the data relate;
(ii) projects involving companies in need of special assistance as
determined by the findings of the members of the authority that such
companies are unable to obtain a sufficient amount of financing at
prevailing market rates of interest for businesses of similar size in
the same industry in New York state.
(b) In determining eligibility for loans involving companies in need
of special assistance pursuant to subparagraph (ii) of paragraph (a) of
this subdivision, the members of the authority shall consider:
(i) the applicant's potential for creating jobs in New York state;
(ii) the benefits derived from the project in the community in which
the project is or will be located;
(iii) the interaction of a project with economic development programs
administered by the department of economic development, the New York
state urban development corporation and the New York state science and
technology foundation;
(iv) the meaningful participation of minority and women-owned business
enterprises and minority group members and women in a project;
(v) the degree to which the project will support apprenticeship
training;
(vi) compliance with the provisions of section eighteen hundred
twenty-six of this chapter with regard to the project occupant; and
(vii) in consultation with the department of economic development, the
eligibility of the applicant for assistance under the industrial
effectiveness program pursuant to article seven of the economic
development law.
(c) In addition to the rules and regulations promulgated with regard
to loans made by the authority under other provisions of this title, the
members of the authority shall also promulgate rules and regulations
pertaining to the loans made under subparagraphs (i) and (ii) of
paragraph (a) of this subdivision by December first, nineteen hundred
ninety-two.
(d) On an annual basis, the authority shall compile and publish:
(i) in consultation with the department of economic development, a
listing of economically distressed areas as defined in subparagraph (i)
of paragraph (a) of this subdivision.
(ii) the criteria for determining the eligibility of a project that is
in need of special assistance under subparagraph (ii) of paragraph (a)
of this subdivision.
(e) All otherwise applicable requirements and restrictions of this
title shall apply to projects that are described in paragraph (a) of
this subdivision, provided, however, that in the case of projects which
involve the relocation of economic activity from another municipality
within New York state, the authority shall also find that the project
occupant has made reasonable efforts to carry out the project within the
municipality from which the project occupant intends to move an
industrial, or manufacturing plant, or research and development
facility, or other eligible business facility.

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