Section 87.30 - General requirements

HOSPITAL MORTGAGE LOANS

87.30 General requirements.

(a) The terms eligible borrower, mortgagor or hospital as used in this Part shall mean a not-for-profit hospital or medical corporation that has entered into a regulatory agreement with the commissioner.

(b) A hospital is required to comply with all applicable provisions of law, including, but not limited to, the Private Housing Finance Law and the New York State Medical Care Facilities Finance Agency Act, the Public Health Law, the State Hospital Code and the administrative rules and regulations of the State Commissioner of Health.

(c) A hospital shall apply for the prior approval of construction of the facility in accordance with the provisions of section 2802 of the Public Health Law and the State Hospital Code.

(d) A hospital shall apply for a mortgage loan by setting forth in the application for construction the amount of the proposed mortgage loan requested for development of the project.
 

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