2023 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, 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.