N.Y. Private Housing Finance Law § 351: Policy and purposes of article

§ 351. Policy and purposes of article. It is hereby declared that the

provision of new and improved community senior citizens facilities is

necessary to care 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.

It is hereby further declared that non-profit corporations should be

created to construct, acquire, reconstruct, rehabilitate, own and

operate such facilities and that provision should be made for mortgage

loan participation by the New York state housing finance agency in order

to ensure that the full resources of the private enterprise sector of

the economy may be made available for this purpose; that there is a need

for public assistance to such corporations by the granting of tax

exemption; that it is the policy of the state to promote the provision

of senior citizens facilities by such non-profit corporations; and that

such provision is a public use and purpose.