All NYCIDA benefits are discretionary. Selection considerations include need for financial assistance and the impact of the proposed project on New York City’s economy.
Applicants must request NYCIDA assistance prior to entering into any facility lease, acquisition or renovation contracts, unless such contracts are contingent upon NYCIDA assistance.
Applicants must demonstrate the ability to pay for their proposed projects either through commitment letters for loans obtained from a commercial lender of their selection or through the availability of developer funds. The environmental condition of the project site(s) and the developer’s liability and other insurance coverage must be satisfactory to NYCIDA prior to closing. |