2012 New York Consolidated Laws
PBH - Public Health
Article 28-B - (2870 - 2883) HOSPITAL MORTGAGE LOAN CONSTRUCTION
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  agency  shall  not  make  a
  mortgage   loan  to  eligible  secured  hospital  borrowers  unless  the
  commissioner has recommended the  project  based  on  public  need,  the
  hospital  discloses  the  financial  resources  available to it, and the
  hospital complies with the provisions of article  twenty-eight  of  this
  chapter.  In  considering the financial resources available to support a
  project, the commissioner shall take into account programs  designed  to
  offset  eligible  secured hospital borrowers' past and current unmet bad
  debt and charity care losses.
    2. A mortgage loan to an eligible secured hospital  borrower  made  by
  the  medical  care  facilities finance agency shall not exceed an amount
  equal to one hundred percent of the total  project  costs,  which  costs
  shall  include all costs associated with the refinancing of indebtedness
  attributable to unmet bad debt and charity care losses.  To  ensure  the
  timely  repayment  of the principal and interest due on the indebtedness
  relating  to  such  refinancings,   the   commissioner   may   authorize
  reimbursement to eligible secured hospital borrowers for capital related
  expenses including but not limited to depreciation, rentals and interest
  on  capital  debt  and  may  advance the payment of depreciation to such
  borrowers as needed.
    * NB Expired March 1, 1998