N.Y. Public Health Law § 1167: Financial assistance; recipients

§ 1167. Financial assistance; recipients. The corporation may

provide financial assistance to recipients pursuant to paragraph (a) of

subdivision four of section twelve hundred eighty-five-m of the public

authorities law from any available moneys in the fund other than the

proceeds of the corporation's bonds or notes or moneys needed to comply

with subdivision five of section twelve hundred eighty-five-m of the

public authorities law if and to the extent the corporation determines

that it is unable to, or that it is impractical or inadvisable to,

finance all or a portion of the costs of an eligible project from the

proceeds of bonds or notes that are special obligations of the

corporation.

The interest rate charged on any loan made by the corporation pursuant

to this section shall be such interest rate as determined by the

corporation (including a zero percent rate of interest), but shall in

any event be no more than two-thirds of the market rate of interest

otherwise applicable thereto.