S T A T E O F N E W Y O R K ________________________________________________________________________ 8037 2011-2012 Regular Sessions I N A S S E M B L Y May 27, 2011 ___________ Introduced by M. of A. SCARBOROUGH -- read once and referred to the Committee on Economic Development AN ACT to amend the urban development corporation act, in relation to allowing businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subparagraphs (vi) and (vii) of paragraph (c) of subdivi- 2 sion 1 of section 16-c of section 1 of chapter 174 of the laws of 1968, 3 constituting the urban development corporation act, as added by chapter 4 169 of the laws of 1994, are amended to read as follows: 5 (vi) overnight lodging facilities[; 6 (vii) refinancing of debt or equity invested in an enterprise or 7 project]. 8 S 2. Subparagraphs (vi) and (vii) of paragraph (d) of subdivision 1 of 9 section 16-c of section 1 of chapter 174 of the laws of 1968, constitut- 10 ing the urban development corporation act, as added by chapter 169 of 11 the laws of 1994, are amended and a new subparagraph (viii) is added to 12 read as follows: 13 (vi) promote equity investment in minority- and women-owned busi- 14 nesses; [and] 15 (vii) establish a comprehensive technical assistance program in coop- 16 eration with the department of economic development to assist minority- 17 and women-owned businesses and potential minority and women-entrepren- 18 eurs[.]; AND 19 (VIII) PROVIDE FOR THE REFINANCING OF DEBT OR EQUITY INVESTED IN AN 20 ENTERPRISE OR PROJECT. 21 S 3. This act shall take effect on the ninetieth day after it shall 22 have become a law; provided, however, that effective immediately, the 23 addition, amendment and/or repeal of any rule or regulation necessary 24 for the implementation of this act on its effective date are authorized 25 and directed to be made and completed on or before such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10363-03-1