N.Y. Private Housing Finance Law § 1280

§ 1280. Legislative findings and purpose. The state of New York,\nthrough the housing trust fund corporation, is empowered to finance the\npurchase, acquisition, holding or conversion of distressed hotels and\ncommercial office properties for use as affordable permanent housing\nthat meets standards established to ensure safety, habitability,\nquality, and access to supportive services as appropriate, to be made\navailable to low-income households and people experiencing homelessness\nimmediately prior to entering such housing. These properties shall be\nowned, operated and managed by appropriate nonprofit organizations\nthrough the use of government agency funding, pursuant to such\nappropriation to support the creation of an adaptive reuse affordable\nhousing program, to acquire and/or convert the property.\n The acquired properties shall be converted into permanently affordable\nhousing modeled as financially and operationally deemed necessary by the\nstate or appropriate nonprofit organization for the purposes of creating\nsupportive or permanently affordable housing units; provided that the\nhousing shall remain affordable as defined by the term affordable\nhousing included in this article.\n