NY S00274

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

Authority comprises 7 directors appointed by the Governor with Senate consent (6 appointed directors plus Director of Office for the Aging as ex officio chair), each requiring 5+ years experience in finance, banking, investment banking, or senior housing development exceeding $5 million.

Authorizes Authority to make loans and provide credit enhancements to senior housing development corporations at market or below-market rates, with final maturity not exceeding 40 years, and to issue bonds and notes for financing purposes.

Creates a Senior Housing Opportunities Facilities Revolving Fund to receive federal grants, state appropriations, loan repayments, and bond proceeds for distribution to qualified senior housing projects including naturally occurring retirement communities and market-rate independent living facilities.

Permits Authority to acquire property, conduct investigations, enter contracts, and establish subsidiary corporations; restricts rental/sale of financed projects to seniors age 60+ and their spouses; exempts Authority property from taxation but requires payments in lieu of taxes.