2019 New York Laws
PBH - Public Health
Article 28-B - Hospital Mortgage Loan Construction
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 private housing finance law or the New York state
  medical care facilities finance agency created by  the  New  York  state
  medical care facilities finance agency act.
3.  "Eligible borrower". "Hospital corporation". A non-profit hospital
  corporation organized under the laws of  this  state,  or  a  non-profit
  medical  corporation  organized under and governed by article forty-four
  of this chapter, which  has  entered  into  a  regulatory  agreement  in
  accordance   with   the   provisions  of  section  twenty-eight  hundred
  seventy-three of this article.
* 3-a. "Eligible secured hospital borrower". A not-for-profit hospital
  corporation organized under the laws  of  this  state,  which  has  been
  designated by the commissioner and the public health council as a needed
  facility  eligible to receive distributions from the reimbursement pools
  established pursuant to paragraph (c) of  subdivision  nine  of  section
  twenty-eight  hundred  seven-a of this chapter, or any successor pool or
  pools established to serve  a  substantially  similar  purpose  to  such
  pools.
* NB Expired December 31, 2015
4.  "Project".  "Hospital  project".  A  specific work or improvement,
  including lands,  buildings,  improvements,  fixtures  and  articles  of
  personal  property,  acquired,  constructed,  rehabilitated,  owned  and
  operated by an eligible borrower pursuant to this  article,  to  provide
  hospital  or other facilities for the prevention, diagnosis or treatment
  of human  disease,  pain,  injury,  disability,  deformity  or  physical
  condition,   and  for  facilities  incidental  or  appurtenant  thereto.
  "Project" and "Hospital project" shall  also  mean  the  refinancing  of
  existing indebtedness which constitutes a lien or other encumbrance upon
  the real property or assets of the eligible borrower whether or not such
  refinancing   is   related   to   the   construction,   acquisition   or
  rehabilitation of a specific work or improvement. The term "project"  or
  "hospital  project"  as  used  in  this  subdivision  shall  also mean a
  separate work or improvement, including lands, buildings,  fixtures  and
  personal  property  related  thereto  owned  and operated by an eligible
  borrower  to  provide  such  services,   functions,   capabilities   and
  facilities  as  may  be  convenient  or deisrable for the operation of a
  hospital or other such facility.
5. "Project cost". "Hospital project cost". The sum total of all costs
  incurred by an eligible borrower as  approved  by  the  commissioner  as
  reasonable and necessary for carrying out all works and undertakings and
  providing  all necessary equipment for the development of a project less
  any portion of any state, federal or municipal assistance grant  as  the
  commissioner  shall,  prior  to the making of a loan by the agency to an
  eligible borrower, determine to be available to reimburse  the  eligible
  borrower  for  the  payment  of  such project costs prior to the initial
  occupancy of the project. These shall include but  are  not  necessarily
  limited to the carrying charges during construction or rehabilitation up
  to and including the occupancy date, working capital not exceeding three
  per  centum  of  the  estimated  total  cost or three per centum, of the
  actual total final cost, whichever is larger, the cost of all  necessary
  studies,  surveys, plans and specifications, architectural, engineering,
  legal or other special services, the cost of acquisition of land and any
  buildings and improvements thereon, site  preparation  and  development,

  construction,   reconstruction   and   equipment,   including  fixtures,
  equipment, and articles of personal property  required,  the  reasonable
  cost  of financing incurred by an eligible borrower in the course of the
  development  of the project, up to and including the occupancy date, the
  fees imposed by the commissioner and by the agency; other fees  charged,
  and necessary expenses incurred in connection with the initial occupancy
  of the project, and the cost of such other items as the commissioner may
  determine  to  be  reasonable  and  necessary  for  the development of a
  project, less any  and  all  rents  and  other  net  revenues  from  the
  operation of the real property, improvements or personal property on the
  project  site, or any part thereof, by an eligible borrower on and after
  the date on which the contract between  an  eligible  borrower  and  the
  agency  was entered into and prior to the occupancy date. The definition
  contained in this subdivision shall also include all costs  relating  to
  the  refinancing  of  existing  indebtedness which constitutes a lien or
  other encumbrance upon the real  property  or  assets  of  the  eligible
  borrower  provided  that  the  amount  of  the  indebtedness  to  be  so
  refinanced has been found by the commissioner to be reasonable.
6. "Occupancy date". The date defined in the document providing for  a
  loan between an eligible borrower and the agency.
7.  "Loan".  As  used  in  this  article,  a  loan shall mean either a
  mortgage loan or a project loan, each as defined in the New  York  state
  medical facilities finance agency act, made by the agency to an eligible
  borrower,  as  defined  in the New York state medical facilities finance
  agency act.