Private Activity Bond Cap (Industrial Development Bond Cap)
Up to $350 million from the Federal IDB Cap allocation will be available for State and local government issuers to sell tax exempt bonds for private projects that demonstrate a public purpose.
ELIGIBLE APPLICANTS/PROJECT TYPES:
Qualifying projects must be eligible under the Internal Revenue Code (IRC) sections 142-144, and 1394 which include:
- Multi-family and/or elderly rental housing for low income residents;
- Residential Rental Facilities;
- Small manufacturing Projects;
- Local furnishing of electric energy or gas;
- Local district heating or cooling facilities;
- Sewage facilities and solid waste disposal facilities;
- First-time farmer's property, equipment, and other capital improvements;
- Utility projects, including water, sewer, electric and gas;
- Bonds issued to provide loans for first time homebuyers (homeownership)
CONTACT/ADDITIONAL PROGRAM INFORMATION:
For more information eligible applicants should contact George LaPointe at the Empire State Development, 30 South Pearl St, Albany, NY, call 518 292-5307 or visithttp://www.empire.state.ny.us/BusinessPrograms.html.
