The New York State Senate

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7719

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 26, 2015
                               ___________

Introduced  by  M.  of  A. BICHOTTE, SCHIMMINGER, PEOPLES-STOKES -- read
  once and referred to the Committee on Economic Development

AN ACT to amend the urban development corporation act,  in  relation  to
  allowing  businesses  to  use  funds  received  from  the minority and
  women-owned business development and lending program for  the  purpose
  of refinancing existing debt

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
constituting the  urban  development  corporation  act,  as  amended  by
section  1  of part AA of chapter 55 of the laws of 2014, are amended to
read as follows:
  (vi) overnight lodging facilities[;
  (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
project].
  S  2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision 1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting the urban development  corporation  act,  subparagraph  (vii)  as
amended  and  subparagraph  (viii)  as  added by section 1 of part AA of
chapter 55 of the laws of 2014, are amended and a new subparagraph  (ix)
is added to read as follows:
  (vii)  establish a comprehensive technical assistance program in coop-
eration with the department of economic development to assist  minority-
and  women-owned  businesses and potential minority and women-entrepren-
eurs; [and]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical
financial support to foster the development of new  and  emerging  ideas
and  products  of minority- and women-owned business enterprises as well
as to promote the long-term financial performance and success  of  early

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08086-01-5

A. 7719                             2

stage  enterprises  that  are  minority-  and women-owned start-ups. The
selection of an eligible applicant and  beneficiary  companies  for  the
minority-  and women-owned business investment fund shall be selected by
the  process  established  pursuant  to subdivisions two through four of
section sixteen-u of this act. Minority- or women-owned business  enter-
prises  who  participate  in  such  minority-  and  women-owned business
investment fund under this subdivision shall not be precluded from qual-
ifying for any other assistance, grant or loan made available  from  the
state[.]; AND
  (IX)  PROVIDE  FOR  THE  REFINANCING  OF DEBT OR EQUITY INVESTED IN AN
ENTERPRISE OR PROJECT.
  S 3. This act shall take effect on the ninetieth day  after  it  shall
have  become  a  law; provided, however, that effective immediately, the
addition, amendment and/or repeal of any rule  or  regulation  necessary
for  the implementation of this act on its effective date are authorized
and directed to be made and completed on or before such effective date.