Sec. 4212.1. General

(a) These regulations establish and codify the application process, eligibility and selection criteria and administrative procedures governing the corporation's High-Risk Targeted Investment Program (other than the Minority and Women Revolving Loan Fund and Technical Assistance Program). The general purposes of the program are: (1) to provide financial and other assistance for specific land use improvement, commercial revitalization and industrial projects in accordance with the provisions of the UDC Act; (2) to preserve and create jobs; (3) to eliminate blight and revitalize economically and physically distressed areas within the State; and (4) to establish and implement affirmative action goals for minorities and women in connection with such projects. The program is funded from amounts appropriated by the State pursuant to section 1 of chapter 54 of the Laws of 1988 and section 1 of chapter 54 of the Laws of 1987, as amended by section 29, chapter 839 of the Laws of 1987, and by section 3, chapter 54 of the Laws of 1988, all such amounts having been appropriated for deposit to the economic development targeted job development account (other than amounts allocated for the minority revolving loan fund program), as such account may be reconstituted and as such appropriated amounts may be reappropriated and/or supplemented from time to time.

(b) The program provides four types of financial assistance:

(1) loans for industrial projects and land use improvement projects (see sections 4212.3-4212.6 and 4212.11 of this Part);

(2) collateral deposits for land use improvement projects and industrial projects (see sections 4212.3-4212.6 and 4212.11 of this Part);

(3) grants for land use improvement projects and industrial projects (see sections 4212.3, 4212.3[b][1][ii], 4212.3[c][1][ii], 4212.4[b], 4212.5[a][4] and 4212.6[f] of this Part); and

(4) grants for commercial revitalization projects (see sections 4212.7-4212.10 and 4212.12 of this Part).