New York S00177 repeals requirements for projects to be in highly distressed areas to qualify for financial assistance from industrial development.

New York S00177 repeals a section of the general municipal law that required projects to be located in highly distressed areas to qualify for certain financial assistance from industrial development agencies. It also amends another section to remove the condition that a project must be in a highly distressed area to qualify for financial assistance. The changes allow projects to qualify for assistance if they provide goods or services that are not reasonably accessible to residents due to a lack of retail trade facilities. The act takes effect immediately.

New York S00177 repeals requirements for projects to be in highly distressed areas to qualify for financial assistance from industrial development.

New York S00177 repeals a section of the general municipal law that required projects to be located in highly distressed areas to qualify for certain financial assistance from industrial development agencies. It also amends another section to remove the condition that a project must be in a highly distressed area to qualify for financial assistance. The changes allow projects to qualify for assistance if they provide goods or services that are not reasonably accessible to residents due to a lack of retail trade facilities. The act takes effect immediately.