N.Y. Comp. Codes R. & Regs. tit. 21 § 4242.9

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

Section 4242.9 - Fees

(a) An application fee of $250 must be paid to the corporation for projects involving the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property, the financing of machinery and equipment and working capital loans and loan guarantees before final review of an application can be completed. This fee will be refunded in the event the application is withdrawn or rejected.

(b) The corporation will assess a commitment fee of two percent of the amount of any program loan involving the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property, the financing of machinery and equipment and working capital, payable upon acceptance of commitment. No portion of the commitment fee will be repaid if the commitment lapses and/or the project does not close.

(c) Applicants for program assistance will be responsible for expenses incurred by the corporation in connection with the project, including, without limitation, expenses related to appraisals, surveys, title insurance, credit searches, filing fees, public hearing expenses and other requirements deemed appropriate by the corporation.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4242.9