N.Y. Comp. Codes R. & Regs. tit. 14 § 621.2

Current through Register Vol. 46, No. 50, December 11, 2024

Section 621.2 - Background and intent

(a) Three possible sources of funds are available for the capital costs (see glossary, section 621.17 of this Part) and other eligible costs as set forth in this Part of construction or financing for a community facility for which application can be made to OPWDD.

(1) One source of funds is a grant for State aid which may be made available to an applicant pursuant to article 41 of the Mental Hygiene Law.

(2) A mortgage loan from the New York State Housing Finance Agency (hereinafter referred to as HFA), made available pursuant to article 75 of the Mental Hygiene Law.

(3) A mortgage loan from the New York State Facilities Development Corporation (hereinafter referred to as FDC) pursuant to subdivision 13-d of section 5 of the Facilities Development Corporation Act from the proceeds of the sale of tax-exempt bonds and notes issued by the New York State Medical Care Facilities Finance Agency (hereinafter referred to as MCFFA) pursuant to such Act, for the purpose of financing or refinancing the construction, acquisition, reconstruction, rehabilitation or improvement of a community facility. For the purposes of this Part, such loan from the FDC may include and may be referred to herein, or in any document relating to such loans, as FDC mortgage loan, FDC loan, or FDC secured loan.

(b) This Part sets forth the conditions for obtaining a State aid grant, an HFA mortgage loan, or an FDC mortgage loan to meet the capital and other eligible costs as set forth herein for the construction or financing of a community facility.

N.Y. Comp. Codes R. & Regs. Tit. 14 § 621.2

Amended New York State Register September 21, 2016/Volume XXXVIII, Issue 38, eff. 9/21/2016