§ 4624. Continuing care retirement communities making assurances
regarding long term care. 1. Nothing in this article shall obligate a
continuing care retirement community to offer life care contracts;
provided, however, that only continuing care retirement communities
which offer life care contracts or which comply with the requirements
set forth in subdivision two of this section shall be eligible for the
following:

a. An exemption from a public need determination and establishment
approval regarding an on-site or affiliated residential health care
facility in accordance with subdivision five of section forty-six
hundred four of this article; and

b. Industrial development agency financing in accordance with section
forty-six hundred four-a of this article; or

c. Financing by any public benefit corporation authorized to make
loans to continuing care retirement communities under the laws of this
state.

2. A continuing care retirement community not exclusively offering
life care contracts but desiring eligibility for an exemption from a
public need determination and establishment approval and/or for
industrial development agency financing or financing by any public
benefit corporation authorized to make loans to continuing care
retirement communities under the laws of this state must assure that all
residents and prospective residents have the ability to fund the
estimated cost of nursing facility services for a period of one year.
Such assurances may be demonstrated through the terms of the continuing
care contract, resident assets, resident income, long term care
insurance or refund of all, or a portion of, the entrance fee and shall
be in accordance with regulations adopted by the council. The community
must pay for such care in the event that resident assets are
insufficient to fund the cost of nursing facility care for a one year
period.