N.Y. Private Housing Finance Law § 1280: Legislative findings and purpose

§ 1280. Legislative findings and purpose. The state of New York,

through the housing trust fund corporation, is empowered to finance the

purchase, acquisition, holding or conversion of distressed hotels and

commercial office properties for use as affordable permanent housing

that meets standards established to ensure safety, habitability,

quality, and access to supportive services as appropriate, to be made

available to low-income households and people experiencing homelessness

immediately prior to entering such housing. These properties shall be

owned, operated and managed by appropriate nonprofit organizations

through the use of government agency funding, pursuant to such

appropriation to support the creation of an adaptive reuse affordable

housing program, to acquire and/or convert the property.

The acquired properties shall be converted into permanently affordable

housing modeled as financially and operationally deemed necessary by the

state or appropriate nonprofit organization for the purposes of creating

supportive or permanently affordable housing units; provided that the

housing shall remain affordable as defined by the term affordable

housing included in this article.