N.Y. Comp. Codes R. & Regs. tit. 21 § 4227.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 4227.5 - Child care construction loan guarantees

A proposed project shall be eligible for assistance from the corporation in the form of a child care construction loan guarantee, 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 loan guaranteed by the child care construction loan guarantee must be made by a private sector lending institution and shall be used only for the design, construction, improvement or renovation of a child day care center.

(d) Construction and permanent financing. The loan guaranteed by the construction loan guarantee may be used for either construction or permanent financing of eligible costs of an eligible project.

(e) Ineligible costs. The loan guaranteed by the child care construction loan guarantee 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 loan guarantee 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 that are located in areas that are neither highly distressed nor economically distressed areas.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4227.5