N.Y. Public Authorities Law 1836-D – Loan preferences
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§ 1836-d. Loan preferences. In approving applications for loans under this subtitle, the authority shall give preference to projects which:
Terms Used In N.Y. Public Authorities Law 1836-D
- Authority: means the job development authority created by section one thousand eight hundred two of this chapter. See N.Y. Public Authorities Law 1836-B
- Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
1. have a higher level of funding from the funding partners;
2. have the most direct impact on local economic development and the creation or retention of employment opportunities;
3. are most likely to stimulate other private sector investments; and
4. are least speculative, and provide greatest assurance of repayment of the loan.