S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    491
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced by M. of A. BICHOTTE -- read once and referred to the Commit-
   tee 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:
 
   Section  1.  Subparagraphs (vi) and (vii) of paragraph (c) of subdivi-
 sion 1 of section 16-c of section 1 of chapter 174 of the laws of  1968,
 constituting  the  urban  development  corporation  act,  as  amended by
 section 1 of part AA of chapter 55 of the laws of 2014, are  amended  to
 read as follows:
   (vi) overnight lodging facilities[;
   (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
 project].
   § 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision  1
 of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
 tuting  the  urban  development  corporation  act, subparagraph (vii) as
 amended and subparagraph (viii) as added by section  1  of  part  AA  of
 chapter  55 of the laws of 2014, are amended and a new subparagraph (ix)
 is added to read as follows:
   (vii) establish a comprehensive technical assistance program in  coop-
 eration  with the department of economic development to assist minority-
 and women-owned businesses and potential minority  and  women-entrepren-
 eurs; [and]
   (viii) notwithstanding any provision of law to the contrary, establish
 a minority- and women-owned business investment fund to provide critical
 financial  support  to  foster the development of new and emerging ideas
 and products of minority- and women-owned business enterprises  as  well
 as  to  promote the long-term financial performance and success of early
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02001-01-7

 A. 491                              2
 
 stage enterprises that are  minority-  and  women-owned  start-ups.  The
 selection  of  an  eligible  applicant and beneficiary companies for the
 minority- and women-owned business investment fund shall be selected  by
 the  process  established  pursuant  to subdivisions two through four of
 section sixteen-u of this act. Minority- or women-owned business  enter-
 prises  who  participate  in  such  minority-  and  women-owned business
 investment fund under this subdivision shall not be precluded from qual-
 ifying for any other assistance, grant or loan made available  from  the
 state[.]; AND
   (IX)  PROVIDE  FOR  THE  REFINANCING  OF DEBT OR EQUITY INVESTED IN AN
 ENTERPRISE OR PROJECT.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have  become  a  law; provided, however, that effective immediately, the
 addition, amendment and/or repeal of any rule  or  regulation  necessary
 for  the implementation of this act on its effective date are authorized
 and directed to be made and completed on or before such effective date.