New York Laws
Article 3 - New York State Housing Finance Agency
41 - Statement of Legislative Findings and Purposes.

§ 41. Statement of legislative findings and purposes. 1. There
continues to exist in the state a seriously inadequate supply of safe
and sanitary dwelling accommodations, non-housekeeping accommodations,
aged care accommodations or accommodations for handicapped persons
within the financial reach of families and persons (including aged and
handicapped persons) of low income. This condition is contrary to the
public interest and threatens the health, safety, welfare, comfort and
security of the people of the state.

2. The ordinary operations of private enterprise cannot provide an
adequate supply of safe and sanitary dwelling accommodations,
non-housekeeping accommodations, aged care accommodations and
accommodations for handicapped persons at rentals which families and
persons of low income can afford. In order to encourage the investment
of private capital and provide such dwelling accommodations,
non-housekeeping accommodations, aged care accommodations and
accommodations for handicapped persons provision should be made for
mortgage loans, at low interest rates, to housing companies which,
subject to state regulation as to rents, profits, dividends and
disposition of their property, supply multiple dwelling accommodations,
non-housekeeping accommodations, aged care accommodations and
accommodations for handicapped persons, and other facilities incidental
or appurtenant thereto, to such families and persons. For that purpose
there should be created a corporate governmental agency of the state, to
be known as the "New York state housing finance agency," which, through
the issuance of its bonds, notes or other obligations to the private
investing public, may attract a broad base of investment by the greatest
number of the general public and obtain the funds necessary to make or
finance the making of such mortgage loans. Thus, private capital will be
encouraged to enter this field of investment and will help meet the
housing needs of families and persons of low income. Provision should
also be made for the New York state housing finance agency to lease such
dwelling accommodations and to receive appropriations from the state, in
aid of providing housing in limited profit housing company projects for
persons and families of low income who would otherwise be eligible for
occupancy in low rent public housing.

* 2-a. Programs to attract capital to provide dwelling accommodations
which families and persons of low and moderate income can afford may not
be economically feasible without adequate subsidy where all of the units
in the multiple dwelling accommodations to be financed are regulated as
to rents, profits, dividends and disposition of the owner's property. In
such cases the New York state housing finance agency should provide
residential units for such families and persons by making loans, or
financing the making of such loans, to the owners of housing
developments which will be required to supply, for a reasonable period
of time, a portion of residential units to such families and persons at
rentals they can afford. Further it is the policy of the state through
the New York state housing finance agency to maximize as fully as
possible consistent with the economic feasibility of each housing
development the affordability, period of occupancy, and number of units
in those portions of each housing development which are designed to be
affordable to persons of low and moderate income.

* NB Repealed July 23, 2025

3. There is also threatened in the state an inadequate supply of
academic buildings and other facilities at the state-operated
institutions and statutory and contract colleges under the jurisdiction
of the state university of New York when needed and when scheduled under
the approved master plan of the state university. In order to encourage
the investment of private capital in such academic buildings and other

facilities and to assure their timely construction, acquisition,
reconstruction, rehabilitation and improvement, the New York state
housing finance agency should also be empowered, through the issuance of
its bonds, notes or other obligations to the private investing public,
to obtain a portion of the funds necessary to finance such academic
buildings and other facilities at the state-operated institutions and
statutory and contract colleges under the jurisdiction of the state
university of New York.

4. Further, it is the policy of the state to promote the redevelopment
and reconstruction of municipal urban renewal areas in a manner that
will serve the civic, cultural and recreational needs of the community
as a whole. The ordinary operations of private enterprise cannot provide
adequate financing for the construction of civic, cultural and
recreational structures and facilities and other non-profit capital
development projects invested with a public interest, which are needed
in connection with urban renewal programs. In order to encourage the
investment of private capital in such projects, and to assure the
expeditious undertaking, financing and completion of the redevelopment
and reconstruction of urban renewal areas in the municipalities of the
state, the New York state housing finance agency should also be
empowered, through the issuance of its bonds, notes or other obligations
to the private investing public, to obtain the funds necessary to make
mortgage loans, at low interest rates, to non-profit community
development corporations for the acquisition and construction of such
projects, structures and facilities.

5. Prompt provision of well-equipped, modern hospitals, schools and
other facilities related to the care, maintenance and treatment of
mentally ill persons, mental defectives and epileptics is also needed in
the state. In order to encourage the investment of private capital in
such hospitals, schools and other mental hygiene facilities and to
assure their timely construction, acquisition, reconstruction,
rehabilitation and improvement, the New York state housing finance
agency should be empowered, through the issuance of its bonds, notes or
other obligations to the private investing public, to obtain a portion
of the funds necessary to finance the same and to meet the needs of
patients and staff at such facilities.

6. A serious shortage of safe and sanitary nursing home accommodations
providing therein nursing care, lodging and board by or under the
supervision of a duly licensed physician to sick, invalid, infirm,
disabled or convalescent persons of low income or providing
health-related service as defined in article twenty-eight of the public
health law to persons of low income or any combination of the foregoing,
and in addition thereto, providing nursing care and health-related
service, or either of them, to persons of low income who are not
occupants of the project, whose need for such facilities and services
cannot readily be provided by the ordinary unaided operation of private
enterprise, exists in many communities throughout the state that it is
the policy of the state to promote the provision of such nursing home
accommodations, including such other facilities as may be incidental and
appurtenant thereto; that there is need for non-profit corporations and
limited-profit corporations to construct, acquire, reconstruct,
rehabilitate and improve such low cost nursing home accommodations. In
order to encourage the investment of private capital in such nursing
homes, the New York state housing finance agency should also be
empowered, through the issuance of its bonds, notes or other obligations
to the private investing public, to obtain funds necessary to finance
nursing homes.


7. There is a serious shortage throughout the state of facilities
suitable for use for the care of children especially those of pre-school
age and primary school age whose parents are unable to provide such care
for all or a substantial portion of the day or post-school day. A
similar shortage of residential child care facilities also exists.
Existing day care and residential child care facilities are overcrowded
with long waiting lists. Many such facilities are so located that they
are not accessible to families in need of such services. The absence of
adequate day care and residential child care facilities is contrary to
the interest of the people of the state, is detrimental to the health
and welfare of the child and his parents and often prevents the gainful
employment of persons, who are otherwise qualified, because of the need
to provide such care in their home. In order to encourage the investment
of private capital in such facilities and to assure their timely
construction, acquisition, reconstruction, rehabilitation and
improvement, the New York state housing finance agency should be
empowered, through the issuance of its bonds, notes or other obligations
to the private investing public, to obtain a portion of the funds
necessary to finance such facilities and to meet the needs of the
community.

8. Prompt provision of new and improved community mental health and
developmental disabilities facilities is required for the care and
treatment of the increasing number of persons afflicted with mental
illness, mental deficiencies, epilepsy and behavior or emotional
disorders; that such facilities should be located close to the people
they serve in order to speed rehabilitation and restoration and to
provide for out-patient and in-patient care, including after care,
diagnostic and rehabilitative services and residential accommodations
for operation as hostels; that it is the policy of the state to promote
the provision of such community mental health and developmental
disabilities facilities; that there is a need for non-profit
corporations to construct low cost community mental health and
developmental disabilities facilities. In order to encourage the
investment of private capital in such community mental health and
developmental disabilities facilities, and to assure the expeditious
completion of such community mental health and developmental
disabilities facilities, the New York state housing finance agency
should be empowered, through the issuance of its bonds, notes or other
obligations to the private investing public, to obtain funds necessary
to make mortgage loans, at low interest rates, to non-profit
corporations for the construction, acquisition, reconstruction,
rehabilitation or improvement of such mental health and developmental
disabilities facilities.

9. 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 their location and the physical
characteristics of their existing plants and should be replaced. Such
inadequate and outmoded facilities deny to the people of the state the
benefits of health care of the highest quality efficiently and promptly
provided and at a reasonable cost. Their replacement and modernization
is essential to protect and prolong the lives of the state's population
and cannot be readily accomplished by the ordinary unaided operation of
private enterprise. It is the policy of the state to encourage the
provision of modern, well-equipped health facilities, including such
other facilities as may be incidental and appurtenant thereto. In
furtherance of this end and in order to obtain the investment of private

capital in such hospitals and other health facilities, the New York
state housing finance agency should also be empowered through the
issuance of its bonds, notes or other obligations to the private
investing public, to obtain the funds necessary to finance such hospital
and health facilities.

10. Prompt provision of new and improved community senior citizens
facilities is required for the increasing number of persons who are in
need of programs and services for the aging. Such facilities should be
located close to the people they serve and should supplement the
programs and services provided for such persons by the office for the
aging pursuant to title one of article two of the elder law; that it is
the policy of the state to promote the provision of such facilities;
that there is need for non-profit corporations to construct low cost
community senior citizens facilities. In order to encourage the
investment of private capital in such community senior citizens
facilities, and to assure the expeditious completion of such facilities,
the New York state housing finance agency should be empowered, through
the issuance of its bonds, notes or other obligations to the private
investing public, to obtain funds necessary to make mortgage loans, at
low interest rates, to non-profit corporations for the construction,
acquisition, reconstruction, rehabilitation or improvement of such
facilities.

11. It is frequently appropriate to combine and coordinate the
development, rehabilitation and provision of housing with the
development, rehabilitation and provision of health and health related
facilities such as intermediate care, skilled nursing, aged treatment,
and hospice facilities for which there is also a need. In order to
encourage the investment of private capital in non-profit housing and
health facilities, and to assure the expeditious completion of such
facilities, the New York state housing finance agency should be
empowered, through the issuance of its bonds, notes or other obligations
to the private investing public, to obtain funds necessary to finance
loans, for the construction, acquisition, reconstruction, rehabilitation
or improvement of such facilities.

Structure New York Laws