N.Y. Comp. Codes R. & Regs. tit. 21 § 4212.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4212.5 - Eligible and ineligible costs

(a) Program funds made available for a project (other than a commercial revitalization project) may be used to finance:

(1) new construction, renovation or leasehold improvements;

(2) the acquisition of land, buildings, machinery and equipment;

(3) working capital, provided that such assistance is part of a larger land use improvement or industrial project;

(4) cost related to the above, including, without limitation, legal expenses, appraisal costs, brokerage commissions, interest costs, survey expenses, architectural and engineering fees, site preparation expenses and relocation expenses;

(5) the cost of conducting or preparing a feasibility study or preliminary planning for facilities of the character described in section 4212.3(b)(1)(i) and (c)(1)(i) of this Part; and

(6) in the case of a project grant, in the corporation's discretion, the costs of the applicant and/or a consultant in connection with any aspect of program administration.

(b) The following costs are ineligible for funding under this program:

(1) payment of tax arrearages or penalties or employee benefit arrearages; and

(2) in-house administrative and overhead costs of the borrower in connection with a project loan.

(c) In general, expenses incurred prior to the initiation of the application process for program assistance will not be eligible for program funding.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4212.5