N.Y. Public Health Law § 2874-a: Mortgage loans to eligible secured hospital borrowers

* § 2874-a. Mortgage loans to eligible secured hospital borrowers.

Except as specified herein, eligible secured hospital borrowers shall be

subject to all of the requirements to which eligible borrowers are

subject under this article. Mortgage loans to eligible secured hospital

borrowers shall be subject to the following criteria:

1. The medical care facilities finance agency shall not make a

mortgage loan to eligible secured hospital borrowers unless the

commissioner has recommended the project based on public need, the

hospital discloses the financial resources available to it, and the

hospital complies with the provisions of article twenty-eight of this

chapter. In considering the financial resources available to support a

project, the commissioner shall take into account programs designed to

offset eligible secured hospital borrowers' past and current unmet bad

debt and charity care losses.

2. A mortgage loan to an eligible secured hospital borrower made by

the medical care facilities finance agency shall not exceed an amount

equal to one hundred percent of the total project costs, which costs

shall include all costs associated with the refinancing of indebtedness

attributable to unmet bad debt and charity care losses. To ensure the

timely repayment of the principal and interest due on the indebtedness

relating to such refinancings, the commissioner may authorize

reimbursement to eligible secured hospital borrowers for capital related

expenses including but not limited to depreciation, rentals and interest

on capital debt and may advance the payment of depreciation to such

borrowers as needed.

* NB Expired December 31, 2015