N.Y. Comp. Codes R. & Regs. tit. 21 § 4208.4

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

Section 4208.4 - Eligible and ineligible costs

(a) Proceeds of project loans 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 the term for a working capital loan shall be no longer than four years and that a working capital loan shall not exceed $500,000 or 50 percent of the total estimated cost of the project, whichever is less; and

(4) costs 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.

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

(1) expenses incurred prior to application for program assistance; and

(2) payment of tax or employee benefit arrearages.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4208.4