New York Codes, Rules and Regulations
Title 14 - DEPARTMENT OF MENTAL HYGIENE
Chapter XIV - Office for People With Developmental Disabilities
Part 621 - Financial Assistance for Capital Construction and Financing
Section 621.2 - Background and intent
Universal Citation: 14 NY Comp Codes Rules and Regs ยง 621.2
Current through Register Vol. 46, No. 39, September 25, 2024
(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.
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