STATE OF NEW YORK
________________________________________________________________________
9316
IN ASSEMBLY
February 17, 2016
___________
Introduced by M. of A. SIMON, CAHILL, COLTON, COOK, GOTTFRIED, MOSLEY,
SKARTADOS, SOLAGES, BRABENEC -- Multi-Sponsored by -- M. of A. ABBATE,
DAVILA, GLICK, LENTOL -- read once and referred to the Committee on
Economic Development
AN ACT to amend the New York state urban development corporation act, in
relation to creating the hospital and multiple dwelling energy loan
fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The legislature hereby finds and declares that the state's
2 high energy costs are considered a significant burden on hospitals and
3 multiple dwellings. Therefore, the legislature seeks to provide funds to
4 reduce high energy costs, via a zero or low interest loan, or loan
5 interest rate reduction program for energy efficiency projects to
6 provide fiscal relief for hospitals and multiple dwellings in the state
7 of New York.
8 § 2. Section 1 of chapter 174 of the laws of 1968, constituting the
9 New York state urban development corporation act, is amended by adding a
10 new section 16-x to read as follows:
11 § 16-x. Hospital and multiple dwelling energy loan program. 1. Defi-
12 nitions. For the purpose of this section:
13 (a) "Authority" shall mean the New York state energy research and
14 development authority as defined in section one thousand eight hundred
15 fifty-one of the public authorities law.
16 (b) "Economically distressed areas" shall mean areas as determined by
17 the corporation, meeting criteria indicative of economic distress,
18 including consideration of unemployment rate; rate of employment change;
19 numbers and percentages of low-income persons; per capita income and per
20 capita real property wealth; such other indicators of distress as the
21 corporation shall determine. Economically distressed areas may include
22 designations such as cities, municipalities, block numbering areas, and
23 census tracts.
24 (c) "Loan fund" shall mean the hospital and multiple dwelling energy
25 loan fund established pursuant to this section.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13308-01-5
A. 9316 2
1 (d) "Hospital" shall have the same meaning as provided in subdivision
2 one of section two thousand eight hundred one of the public health law.
3 (e) "Multiple dwelling" shall have the same meaning as provided in
4 subdivision seven of section four of the multiple dwelling law and shall
5 include multiple dwellings located in New York state.
6 2. (a) The corporation, with the assistance of the authority, shall
7 establish a hospital and multiple dwelling energy loan fund to provide
8 zero or low interest loans and loan interest rate reductions to hospi-
9 tals and multiple dwellings in both economically distressed areas and
10 non-economically distressed areas statewide for energy efficiency
11 projects and advanced energy technologies.
12 (b) In order to be eligible to participate in this loan program,
13 hospitals and multiple dwellings in both economically distressed areas
14 and non-economically distressed areas statewide must have an energy
15 audit provided through the authority's energy audit program that makes
16 informed electrical energy decisions and implement energy efficiency
17 strategies. Technologies identified in such audit shall become eligible
18 technologies for which monies for the loan fund may be available.
19 3. (a) The corporation shall, within available appropriations, provide
20 financial assistance from the loan fund to eligible hospitals and multi-
21 ple dwellings in both economically distressed areas and non-economically
22 distressed areas statewide.
23 (b) The corporation is authorized to provide zero or low interest
24 loans from the loan fund for eligible improvements. To be eligible for
25 such loans, a hospital and multiple dwelling in both an economically
26 distressed area and non-economically distressed area statewide shall
27 identify an eligible improvement project and provide necessary documen-
28 tation. Hospitals and multiple dwellings based in economically
29 distressed areas statewide shall receive at least sixty percent of the
30 total dollar amount of loans provided to all hospitals and multiple
31 dwellings in a given year from the hospital and multiple dwelling energy
32 loan fund.
33 (c)(i) The corporation is authorized to provide loan interest rate
34 reductions from the loan fund for eligible improvements. To be eligible
35 for an interest rate reduction, a hospital and multiple dwelling in both
36 an economically distressed area and non-economically distressed area
37 statewide shall:
38 (1) identify an eligible improvement project and provide necessary
39 documentation, and (2) receive a loan commitment from a participating
40 lender, including banks, credit unions, community development financial
41 institutions, and farm credit associations.
42 (ii) The corporation is authorized to buy down the participating lend-
43 er's interest rate by up to four hundred basis points or four percent
44 through the loan fund. Such interest rate reductions shall be available
45 for the lesser of ten years or the life of the loan.
46 (d) Loans provided by the corporation or issued by a participating
47 lender shall not exceed one hundred thousand dollars.
48 4. Energy efficiency improvements eligible for zero or low interest
49 loans or loan interest rate reductions through the loan fund shall
50 include, but not be limited to:
51 (a) Pre-qualified measures that are proven cost effective investments
52 which reduce energy use;
53 (b) Custom measures that pay for themselves in ten years through
54 reduced energy use;
55 (c) Process improvement measures that reduce manufacturing energy use
56 on a cost-per-unit basis; and
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1 (d) Renewable technologies that use the sun, wind, water or ground to
2 generate heat or power.
3 5. Applications for assistance pursuant to this section shall be
4 reviewed and evaluated by the corporation in cooperation with the
5 authority pursuant to eligibility requirements and criteria set forth in
6 the rules and regulations promulgated by the corporation.
7 6. The corporation and the authority shall submit an annual written
8 report to the speaker of the assembly and the temporary president of the
9 senate identifying the number of hospitals and multiple dwellings
10 assisted through the loan fund program, and the types of improvements
11 implemented and energy cost savings realized by the hospitals and multi-
12 ple dwellings assisted by this program.
13 § 3. Paragraph (m) of subdivision 1 of section 16-m of section 1 of
14 chapter 174 of the laws of 1968, constituting the New York state urban
15 development corporation act, as added by chapter 467 of the laws of
16 2011, is amended and a new paragraph (o) is added to read as follows:
17 (m) Assistance to businesses that conduct basic, applied or transla-
18 tional research that leads to the development of products that improve
19 human health or agriculture and that require approval by the federal
20 food and drug administration, in order to create or expand facilities,
21 in accordance with good manufacturing practice regulations, that will
22 create or retain more than fifty jobs. For purposes of this paragraph,
23 good manufacturing practice regulations refers to those regulations
24 promulgated by the United States Food and Drug Administration under the
25 authority of the Federal Food, Drug and Cosmetic Act[.];
26 (o) Loans, loan guarantees, interest subsidy grants and direct grants
27 to hospitals and multiple dwellings under section sixteen-x of this act
28 for energy efficiency projects and advanced energy technologies.
29 § 4. This act shall take effect immediately, provided, however, that
30 the amendments to section 16-m of the New York state urban development
31 corporation act made by section three of this act shall not affect the
32 expiration of such section and shall expire and be deemed repealed ther-
33 ewith.
