NY S00319

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

Authorizes the Authority to make loans, issue bonds and notes, provide credit enhancements, and enter into financing arrangements with banks and senior housing development corporations for projects with costs up to the full project amount.

Creates a seven-member board of directors appointed by the Governor with advice and consent of the Senate, with the Director of the Office for the Aging serving as chair and chief executive officer.

Establishes a Senior Housing Opportunities Facilities Revolving Fund to receive federal grants, state appropriations, loan repayments, and bond proceeds to provide below-market-rate financing for senior housing projects with loan terms up to 40 years.

Restricts Authority-financed senior housing to persons 60 years or older and their spouses, exempts the Authority from taxation, and limits state debt service reserve fund bonds to $40.5 million excluding refunding bonds.