Conn. Agencies Regs. § 17-31ee-3 - Eligibility
In order to participate in this loan program the applicant corporation shall satisfy the Department that:
(a) the borrower is a corporation;
(b) the loan funds shall be used to directly
develop or improve a child care facility which may include planning, site
preparation, construction, acquisition or renovation of the facility;
(c) the intended and eventual use over the
period of the loan of the child care facility shall be primarily for children
of employees of the applicant corporation and for children of employees of the
municipality in which the facility in Connecticut is located or is to be
located;
(d) the child care
facility or planned child care facility shall meet local zoning requirements
and shall comply with all state and local health and safety laws and
regulations and, in particular, all such laws and regulations applicable to
child care facilities. The facility or planned facility shall be licensable by
the Department of Health Services for use as a child care facility;
and
(e) the borrower shall
demonstrate to the satisfaction of the Department that it has sufficient
revenues, excluding state grants, and collateral to repay the principal and
interest on the loan; and has sufficient financial resources to be able to
maintain the operation of the child care facility.
Notes
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No prior version found.