§ 1280. Legislative findings and purpose. The state of New York,
through the housing trust fund corporation, is empowered to finance the
purchase, acquisition, holding or conversion of distressed hotels and
commercial office properties for use as affordable permanent housing
that meets standards established to ensure safety, habitability,
quality, and access to supportive services as appropriate, to be made
available to low-income households and people experiencing homelessness
immediately prior to entering such housing. These properties shall be
owned, operated and managed by appropriate nonprofit organizations
through the use of government agency funding, pursuant to such
appropriation to support the creation of an adaptive reuse affordable
housing program, to acquire and/or convert the property.

The acquired properties shall be converted into permanently affordable
housing modeled as financially and operationally deemed necessary by the
state or appropriate nonprofit organization for the purposes of creating
supportive or permanently affordable housing units; provided that the
housing shall remain affordable as defined by the term affordable
housing included in this article.