NY S00151

Creates the New York State Senior Housing Opportunities Partnership Authority as a public benefit authority to finance senior housing facilities for persons 60 years of age or older and their spouses.

Authority governed by seven directors appointed by the Governor with Senate confirmation, with the Director of the Office for the Aging serving as chair and chief executive officer.

Authority empowered to make loans to senior housing development corporations at market or below-market rates with final maturity not exceeding 40 years, issue bonds and notes up to $40.5 million, and provide credit enhancements for senior housing projects.

Establishes a Senior Housing Opportunities Facilities Revolving Fund to receive federal grants, state appropriations, loan repayments, and bond proceeds for distribution to qualifying senior housing projects.

Authority property exempt from taxation but subject to payment-in-lieu-of-taxes; bonds and notes exempt from taxation except gift, estate, and transfer taxes.