Relates to capital upgrades to certain residential health care facilities
REFERRED TO HEALTH
Summary
The bill changes the public health law so that facilities granted operating certificates after 1975 must base property‑cost reimbursements on their historical costs, without exceeding actual debt service. It lets the health commissioner create a shared‑savings program for facilities that refinance mortgages, requiring at least a 50% split of any savings. Starting July 1 2025, certain facilities will no longer face equity requirements above 10% of project costs.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
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