N.Y. Comp. Codes R. & Regs. tit. 21, § 2604.8 – Application and project financing agreements.

(a) Applications for DWSRF 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 DWSRF assistance. An applicant may submit an application to the corporation for DWSRF assistance for projects for pre-design planning costs as set forth in the IUP. An applicant may submit an application to the corporation for DWSRF assistance for projects beyond the pre-design planning stage when:
1. (1) project planning is completed and the applicant has submitted to the department an engineering report, and that report has been or is in the process of being approved by the department;
2. (2) any necessary water district has been formed; and
3. (3) at the time of such application, the applicant is in compliance with all applicable project requirements specified in section 2604.7 of this Part, and any preapplication instructions issued by the department, or the corporation.
(b) A PFA shall not be executed for a project until the applicant has submitted to the corporation an application for DWSRF assistance for such project, and the corporation has approved such application.
(c) [Reserved]
(d) A PFA for a segment of a project other than pre-design planning 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 that project completion schedule regardless of the availability of future DWSRF assistance.
(e) An applicant shall not receive DWSRF assistance if either the corporation or the department in its discretion determines that such recipient cannot be reasonably expected to meet its managerial, technical or financial capability obligations under the applicable PFA.