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Tax credit: A $500-per-locating-employee annual tax credit, each year for 12 years, for firms relocating operations into new or substantially rehabilitated space. Industrial Relocation and Retention Program (IRR): IRR provides up to $110,000 to reimburse actual moving costs for industrial firms relocating to the boroughs from Manhattan south of 96th Street, or for firms moving into purchased space in the boroughs. Revolving Loan Fund: RLF fills the gaps in private capital markets by providing low-cost financing for fixed assets such as buildings, machinery and equipment, to eligible businesses. Urban Development Action Grants (UDAG): New York City has used UDAGs which have been awarded nationwide by the federal government on a competitive basis, to make below-market-rate loans at interest rates Marine Midland Bank N.A.