N.Y. Comp. Codes R. & Regs. tit. 6 § 649.4

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

Section 649.4 - Direct financings

(a) The corporation may or, if so directed by the commissioner, shall provide CWSRF assistance for a project pursuant to PAL section 1285-j(4) if and to the extent the corporation may determine that it is unable, or that it is impracticable to finance all or a portion of a project as a leveraged financing.

(b) The corporation may provide a direct financing at a reduced interest rate to and ESP only if:

(1) the project is listed on the IUP's multi-year PPL, and it has received a project priority score high enough to place it above any funding line on the IUP's annual PPL, except as otherwise permitted by the act;

(2) except as otherwise permitted herein, project planning has been completed and the recipient has submitted an approved engineering report;

(3) the environmental review process has been completed;

(4) any necessary special improvement districts have been formed; and

(5) construction of the project has not been completed.

(c) Interest rates for direct financings shall be determined by the corporation as an interest rate or rates no higher than the market rate of interest. The corporation may provide hardship assistance in those cases where the corporation, in its discretion, determines financial hardship exists. In making such determination, the corporation may consider whether the total estimated annual service charge for a household or equivalent dwelling unit in the area served by the project, calculated using the maximum interest rate applicable to the project, exceeds the target service charge. The provisions relating to hardship assistance shall be published annually in the IUP.

(d) A recipient shall not receive CWSRF assistance if the corporation determines that such recipient cannot be reasonably expected to meet its repayment obligations under the applicable PFA.

N.Y. Comp. Codes R. & Regs. Tit. 6 § 649.4