In order to apply for IFP assistance, the applicant must complete an Eligibility Review Application and submit four original copies, as well as a non-refundable application fee of $2,500 to EFC. An IFP closing schedule averages approximately 4 to 6 months to fully complete, once all project permitting and New York State Environmental Quality Review Act (SEQRA) requirements are completed.
There are a number of steps that must be completed before a bond issuance can be executed, including:
- EFC preparing a project application summary and initial credit report, as well as obtaining a Volume Cap from NYS Division of Budget.
- EFC's Board of Directors passing an inducement resolution, which establishes eligible expenses for the IFP financing, i.e. soft costs, plus hard costs incurred 60 days prior to inducement.
- Client completing SEQRA requirement