New York Laws
Article 28-B - 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 December 31, 2015