N.Y. Comp. Codes R. & Regs. tit. 21, § 2602.11 – Application and project financing agreements (PFA).

(a) Applications for CWSRF assistance shall be submitted in accordance with the provisions set forth in the IUP, in a format that is consistent with instructions published by the corporation including, at the corporation's discretion, the use of forms published by the corporation for use by parties seeking CWSRF assistance. An applicant may submit an application to the corporation for CWSRF assistance for projects for pre-design planning costs as set forth in the IUP. An applicant may submit an application to the corporation for CWSRF assistance for projects beyond the pre-design planning stage when project planning is completed and the applicant has submitted a facilities plan for an equivalency project or an engineering report, if required, for the project, and the corporation or the department is in the process of reviewing or has approved that report or plan.
(b) For projects beyond the pre-design planning stage, a PFA shall not be executed until a completed application for CWSRF assistance for that project has been submitted by the applicant to, and approved by, the corporation. A complete application shall include:
1. (1) formation and approval of any necessary special improvement districts;
2. (2) satisfaction of all environmental review requirements; and
3. (3) any other documentation relevant in evaluating an application for CWSRF assistance.
(c) A PFA for a portion of a project other than pre-design planning (a phase, a segment, or a design) shall include a schedule for the completion of the entire project and an agreement by the recipient to complete the entire project in accordance with such project completion schedule regardless of the availability of future CWSRF assistance.
(d) An applicant shall not receive CWSRF assistance if the corporation in its discretion, upon prior notice to the department, determines that such recipient cannot be reasonably expected to meet its managerial, technical or financial capability obligations under the applicable PFA.