§ 16-s. The upstate agricultural economic development fund and healthy\nfood / healthy communities initiative. 1. The upstate agricultural\neconomic development fund and healthy food / healthy communities\ninitiative is hereby created. The corporation is authorized, within\navailable appropriations, to provide financial assistance in the form of\nloans, grants or contracts for services, to eligible entities as set\nforth in this subdivision to support the upstate revitalization fund to\nreduce the cost of financing the construction, expansion or renovation\nof agricultural economic development projects, to reduce the cost of\nagricultural inputs or to support activities related to the retention of\nexisting farmers or the recruitment of new farmers and to increase the\nnumber of food markets providing affordable and nutritious foods in\nunderserved areas.\n 2. Not-for-profit corporations, agricultural cooperative corporations,\npublic benefit corporations, municipalities and educational institutions\nserving rural areas shall be eligible to apply for support under this\nsubdivision for the following activities:\n (a) Support for local efforts to identify new agricultural economic\ndevelopment opportunities, and to organize industry-wide collaborative\nefforts designed to develop growth strategies for the agricultural\nindustry.\n (b) Support for local or regional activities designed to provide\nbusiness development and financial packaging assistance to new and\nexpanding agricultural economic development projects.\n (c) Development and delivery of programs to promote the retention of\nexisting farmers and to attract new farmers.\n (d) Feasibility studies to determine the projected local, national\nand/or international demand for the proposed crop or product to be\nfinanced pursuant to this section and the suitability of the land and\nclimate for such production.\n (e) Support for land acquisition and/or the construction, acquisition\nor expansion of buildings, machinery and equipment associated with a\nproject.\n (f) Loans can be provided by the corporation to agricultural\ncooperative corporations, not-for-profit corporations and public benefit\ncorporations for the purpose of providing low cost financing from such\nentities to projects for purposes described in this subdivision.\n (g) Such projects shall be consistent with the environmental\nprotection goals of the state.\n 3. Community development financial institutions, as defined by\nparagraph (a) of subdivision 2 of section sixteen-o of this act, shall\nbe eligible to apply for designation under this subdivision to perform\nthe duties of a program administrator for the healthy food / healthy\ncommunities initiative.\n (a) Program administrators will be required to enter into a contract\nwith the corporation for the following responsibilities:\n (i) raise matching capital to leverage state funds within three years\nof signing a contract with the corporation;\n (ii) report, at least annually, on the sources and amounts of funds\nraised;\n (iii) develop underwriting criteria; and\n (iv) process loans and grants for food markets.\n (b) Administrative costs of program administrators will be\nreimbursable as set forth in either rules and regulations issued in\naccordance with paragraph (d) of subdivision 5 of this section or in a\nrequest for proposal.\n (c) Eligible food markets are any entities in subparagraph (i) of this\nparagraph. Eligible food markets must demonstrate that their proposed\nproject will benefit an underserved area, as defined in subparagraph\n(ii) of this paragraph.\n (i) An eligible food market applicant may be a for-profit business\nenterprise (including a corporation, limited liability company, sole\nproprietor, cooperative or partnership), not-for-profit corporation,\nagricultural cooperative corporation, public benefit corporation,\nmunicipal corporation, regional market facility, or a food cooperative.\n (ii) An underserved area is
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