NY S06639

Extends the deadline for municipalities to qualify for enhanced financial assistance from June 1, 1992 through September 30, 2015 (previously September 30, 2012) for eligible environmental projects financed through corporation loans.

Increases the allocation amount from 33⅓ percent to 50 percent of the principal loan balance for municipalities that submitted applications, closed loans, and commenced construction during the extended eligibility period.

Reduces the maximum interest rate on loans for qualifying municipalities from two-thirds of market rate to one-half of market rate for the same projects and time period.

Authorizes the Environmental Facilities Corporation to promulgate regulations in consultation with the commissioner and director of the budget to establish criteria for financial assistance determinations.

Takes effect immediately upon enactment.