NY A00039

Establishes the New York State Senior Housing Opportunities Partnership Authority as a public benefit authority to finance senior housing facility projects for seniors age 60 and older and their spouses.

Authority board comprises 7 directors: 6 appointed by the Governor with Senate advice and consent, plus the Director of the Office for the Aging as ex officio chair; directors must have 5+ years experience in finance, banking, or senior housing development with projects exceeding $5 million.

Authorizes Authority to make loans, issue bonds and notes, provide credit enhancements, and enter into financing arrangements with banks and senior housing development corporations for project costs including construction, acquisition, professional services, and initial operational expenses up to 2 years.

Restricts rental, sale or lease of senior housing facilities financed by the Authority exclusively to persons age 60+ and their spouses, notwithstanding fair housing provisions; facilities include naturally occurring retirement communities, independent living, adult homes, and scattered-site housing.

Establishes a revolving fund to provide financial assistance through loans at market or below-market rates with maximum 40-year maturity, debt refinancing, credit enhancements, and interest rate subsidies; requires banks to have market capitalization under $2 billion.