N.Y. Medical Care Facilities Finance Agency Law § 2
The protection and promotion of the health of the inhabitants of the state are matters of public concern. In furtherance of this purpose, it is the policy of the state to encourage the prompt and efficient provision of health and health-related services at a reasonable cost by the private and public sectors in modern, well-equipped health facilities accessible to the communities to be served.
The leglislature has heretofore found that a serious shortage of safe and sanitary nursing home accommodations exists in many communities throughout the state; that many hospitals and other health facilities throughout the state are no longer adequate to meet the needs of modern medicine; that such inadequate and outmoded facilities deny to the people of the state the benefits of health care of the highest quality and that their replacement and modernization is essential to protect and prolong the lives of the state's population. The legislature has heretofore found and declared that the accomplishment of these purposes cannot be readily achieved by the ordinary unaided operation of private enterprise and to this end has constituted and empowered the New York state housing finance agency, a multi-purpose corporate governmental agency of the state, to obtain funds through the issuance of its notes and bonds to finance the construction, acquisition, reconstruction, rehabilitation and improvement of a broad array of health facilities in addition to issuing its notes and bonds to carry out other program responsibilities which touch on the quality of life for the vast majority of the state's residents, including the providing of housing for persons of low income, higher educational facilities for the state university of New York, mental health facilities, child care facilities and facilities for the care of senior citizens.
The public purposes heretofore enumerated have not yet been fully accomplished despite the significant investment of funds through the New York state housing finance agency in the construction of hospitals, nursing homes and health-related facilities.
In order to permit an acceleration in the implementation of these programs in areas where the public need remains urgent, without jeopardizing the orderly marketing by the New York state housing finance agency of its notes and bonds for other program purposes, it is hereby found and declared that a separate corporate governmental agency, to be known as the "New York state medical care facilities finance agency," should be created as a single purpose agency to act in concert with the New York state housing finance agency and to devote its entire energy and resources to the provision of additional funds for the construction of health and health-related facilities by nursing home companies created pursuant to the provisions of article twenty-eight-A of the public health law, by hospitals and non-profit medical corporations constituting eligible borrowers pursuant to the provisions of article twenty-eight-B of the public health law and by municipalities constituting social services districts pursuant to the provisions of the health and mental hygiene facilities improvement act. In this manner, the broadest possible base of investment by the greatest number of the general public may be had and the initiative and strength of our private enterprise economy may most readily be harnessed for the benefit of the people of the state.
Prompt provision of well-equipped, modern hospitals, schools and other facilities related to the care, maintenance and treatment of mentally ill and developmentally disabled persons is also needed in the state. In order to encourage the investment of private capital in such hospitals, schools and other mental health services facilities and to assure their timely construction, acquisition, reconstruction, rehabilitation and improvement, or the refinancing thereof, the New York state medical care facilities finance agency should be empowered, through the issuance of its bonds, notes or other obligations to the private investing public, to obtain all or a portion of the funds necessary to finance the same and to meet the needs of patients and staff at such facilities.
It is frequently appropriate to combine and coordinate the development, rehabilitation and provision of housing with the development, rehabilitation and provision of health and health related facilities such as intermediate care, skilled nursing, aged treatment, and hospice facilities for which there is also a need. In order to encourage the investment of private capital in non-profit housing and health facilities, and to assure the expeditious completion of such facilities, the New York state medical care facilities finance agency should be empowered, through the issuance of its bonds, notes or other obligations to the private investing public, to obtain funds necessary to finance loans, for the construction, acquisition, reconstruction, rehabilitation or improvement of such facilities.
N.Y. Medical Care Facilities Finance Agency Law § 2