NY Priv Hous Fin L § 41 (2021)
2021 New York Laws PVH - Private Housing Finance 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, 20233.  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   mental  retardation 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 mental retardation facilities; that there  is  a  need   for  non-profit  corporations  to  construct  low  cost community mental   health and mental retardation facilities.  In  order  to  encourage  the   investment of private capital in such community mental health and mental   retardation facilities, and to assure the expeditious completion of such   community  mental health and mental retardation 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 mental retardation 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.