1. The Laws of New York
  2. Unconsolidated Laws
  3. Urban Development Corporation Act 174/68


Section 9-A Financial assistance for small and medium-sized business assistance projects

Urban Development Corporation Act 174/68 (UDA)

Financial assistance for small and medium-sized business assistance projects. The corporation may provide loans for small and medium-sized business assistance projects for costs associated with:

  (1) The renovation or rehabilitation of industrial plants that are economically inefficient due to the need for changes in design, construction, technology or production processes; the renovation or rehabilitation of existing facilities for reuse as an industrial facility; the acquisition of real property and related improvements; new construction; working capital; and the acquisition of modern production technology, including machinery, equipment and computerized design and control systems, required to improve production processes, expand existing or enter new markets, or to otherwise remain competitive. The corporation shall determine the terms and interest rates of such loans, except that no loan shall exceed fifty percent of project costs, or seven hundred fifty thousand dollars, whichever is less, no loan shall have an interest rate lower than three percent, and no loan shall have a term that exceeds the estimated useful life of the asset;

  (2) Site acquisition, construction, renovation or acquisition of permanently installed equipment necessary to establish or expand a child day care facility located on the work site of the industrial firm sponsoring the child day care facility or at a proximate site where a consortia of industrial firms are sponsoring the child day care facility. Such loans shall be made upon a determination by the corporation that such facility is necessary to improve or maintain the productivity of the company or companies. Such loans shall only be made for child day care facilities: (a) that will be used primarily by the children of employees of the company or companies sponsoring the facility; (b) that will not be operated for profit; (c) that demonstrate an ability to obtain, from the appropriate governmental agencies, all necessary approvals and licenses required to operate the facility; and (d) that demonstrate an ability to prevent access by children to any equipment in facilities which could be injurious to their health or safety. The corporation shall determine the terms and interest rates of such loans, except that no loan shall exceed sixty percent of project costs, or two hundred fifty thousand dollars, whichever is less, no loan shall have an interest rate lower than three percent, and no loan shall have a term longer than ten years.