N.Y. Comp. Codes R. & Regs. tit. 21 § 4247.8

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4247.8 - Expenses

(a) An application fee of $250 must be paid to the corporation for projects that involve 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 This fee will be refunded in the event the application is withdrawn or rejected.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 up to two percent of the amount of any program loan involving projects for acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property, the financing of machinery and equipment and working capital payable upon acceptance of commitment with up to one percent rebated at closing. No portion of the commitment fee will be repaid if the commitment lapses and the project does not close. The corporation will assess a fee of up to one percent, payable at closing, of the amount of any program grant involving the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property or the financing of machinery and equipment or any loan guarantee.

(c) The applicant will be obligated to pay for expenses incurred by the corporation in connection with the project, including, but not limited to, expenses related to attorney, 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 § 4247.8