N.Y. MCF Law § 5-D

§ 5-d. Financing non-profit housing and health facilities. 1. Subject\nto the provisions of any contract with noteholders and bondholders (a)\nto make and contract for the making of loans for the acquisition,\nrefinancing, construction or rehabilitation of non-profit housing and\nhealth facilities and (b) to make and to contract for the making of\nloans to or to purchase loans from lending institutions for the purposes\nof financing loans for such acquisition, construction or rehabilitation.\n 2. The powers granted by this section may be exercised only if: (a)\nthe commissioner has approved any health, or health related facilities\nwhich are in addition to the residential unit and housing portion of the\nfacility, pursuant to section twenty-eight hundred two of the public\nhealth law in any case where the facility is subject to the provisions\nof such section or has approved the facility according to the guidelines\nprescribed in any other case; and (b) (i) obligations of the agency have\nbeen issued to fund the loan made or purchased by the agency and such\nobligations have received an investment grade rating from a recognized\nrating agency, or (ii) the loan made or purchased by the agency is fully\nsecured as to principal and interest by insurance or a commitment to\ninsure issued by the state of New York mortgage agency or by the general\ncredit of the bank, national bank, trust company, savings bank, savings\nand loan association, insurance company, the college construction loan\ninsurance association, the student loan marketing association, or a\ngovernmental agency of the United States.\n