1167 - Financial assistance; recipients. - New York Statutes

§ 1167. Financial assistance; recipients. The corporation may provide financial assistance to recipients pursuant to paragraph (a) of subdivision four of section twelve hundred eighty-five-m of the public authorities law from any available moneys in the fund other than the proceeds of the corporation's bonds or notes or moneys needed to comply with subdivision five of section twelve hundred eighty-five-m of the public authorities law if and to the extent the corporation determines that it is unable to, or that it is impractical or inadvisable to, finance all or a portion of the costs of an eligible project from the proceeds of bonds or notes that are special obligations of the corporation. The interest rate charged on any loan made by the corporation pursuant to this section shall be such interest rate as determined by the corporation (including a zero percent rate of interest), but shall in any event be no more than two-thirds of the market rate of interest otherwise applicable thereto.