2870 – Short Title.

§ 2870. Short title. This article shall be known, and may be cited and referred to as the “hospital loan construction law”.

2871 – Policy and Purposes of Article.

§ 2871. Policy and purposes of article. Many hospitals and other health facilities throughout the state are becoming obsolete and are no longer adequate to meet the needs of modern medicine. As a result of rapid technological changes, such facilities require substantial structural or functional changes. Others are unsuited for continued use by virtue of […]

2872 – Definitions.

§ 2872. Definitions. As used in this article, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 1. “Commissioner”. The commissioner of health of the state of New York. 2. “Agency”. The New York state housing finance agency created by article three of the […]

2873 – Regulation of Eligible Borrowers.

§ 2873. Regulation of eligible borrowers. 1. Every eligible borrower, as a condition precedent to borrowing funds from the agency, shall enter into a regulatory agreement with the commissioner which shall provide: (a) that the real property or other assets mortgaged or otherwise pledged to the agency shall not be sold, leased, transferred, encumbered or […]

2874 – Loans.

§ 2874. Loans. 1. Any eligible borrower may, subject to the approval of the commissioner, borrow funds from the agency and the repayment thereof may be secured by bond or note and mortgage or other agreement which shall contain such terms and conditions as may be deemed necessary or desirable by the agency or required […]

2874-A – Mortgage Loans to Eligible Secured Hospital Borrowers.

* § 2874-a. Mortgage loans to eligible secured hospital borrowers. Except as specified herein, eligible secured hospital borrowers shall be subject to all of the requirements to which eligible borrowers are subject under this article. Mortgage loans to eligible secured hospital borrowers shall be subject to the following criteria: 1. The medical care facilities finance […]

2875 – Conditions and Security for Loans.

§ 2875. Conditions and security for loans. No loan shall be made by the agency to an eligible borrower until the commissioner has approved the project and finds that: 1. The eligible borrower has complied with all of the provisions of article twenty-eight of this chapter and this article; 2. The plans and specifications conform […]

2876 – Occupancy or Other Rates.

§ 2876. Occupancy or other rates. An eligible borrower shall, with the approval of the commissioner, fix rates to be charged for occupancy or other use of each project. The commissioner upon his own motion, or upon application by the eligible borrower or lienholder may vary the amount of such charge from time to time […]

2877 – Transfer of Real Property.

§ 2877. Transfer of real property. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee, guardian or other person holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting expressly forbids, […]

2878 – Supervision.

§ 2878. Supervision. 1. The commissioner may from time to time make, alter, amend and repeal rules and regulations for the supervision, examination, regulation and audit of an eligible borrower and for carrying into effect the provisions and purposes of this article, and each eligible borrower shall submit an annual report of its operations to […]

2879 – Foreclosures and Judgments.

§ 2879. Foreclosures and judgments. 1. In any foreclosure action the commissioner shall be made a party defendant. He shall take all steps necessary to protect the interests of the public therein and no costs shall be awarded against him. Foreclosures shall not be decreed unless the court to which application is made shall be […]

2880 – Hospital Facilities Development Fund.

§ 2880. Hospital facilities development fund. 1. Establishment of fund. a. There is hereby created and established in the department of health a revolving fund to be known as the “hospital facilities development fund”. b. There shall be paid into such hospital facilities development fund (a) any monies appropriated and made available by the state […]

2881 – Fees and Charges.

§ 2881. Fees and charges. The commissioner may, by regulation, establish and charge to eligible borrowers, for the period from occupancy date to mortgage discharge, a fee for inspection, regulation, supervision and audit not to annually exceed two-tenths of one percent of the mortgage loan to recover the departmental costs in performing these functions in […]

2882 – Separability.

§ 2882. Separability. If any clause, sentence, paragraph or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly involved in […]

2883 – Authority and Responsibility of Commissioner Regarding Hospital Mortgages.

§ 2883. Authority and responsibility of commissioner regarding hospital mortgages. For the purposes of this article, only the provisions of sections twenty-eight hundred seventy, twenty-eight hundred seventy-one, twenty-eight hundred seventy-two, twenty-eight hundred seventy-three, twenty-eight hundred seventy-four, twenty-eight hundred seventy-five, twenty-eight hundred seventy-seven, subdivision one of section twenty-eight hundred seventy-eight, twenty-eight hundred eighty, twenty-eight hundred eighty-one […]