NY S04935

Creates the New York State Senior Housing Opportunities Partnership Authority as a public benefit authority to finance senior housing projects for seniors aged 60 and older who are heads of households.

Authority composed of seven directors appointed by the governor with advice and consent of the senate; the director of the office for the aging serves as chair and chief executive officer.

Authority may issue bonds and notes, make loans at market or below-market rates (with maturity not exceeding 40 years), provide credit enhancements, and establish a revolving fund to finance senior housing facility projects including naturally occurring retirement communities, independent living facilities, and adult homes.

Allows authority to restrict rental, sale, or lease of financed projects exclusively to seniors aged 60+ and their spouses, notwithstanding fair housing laws; defines senior housing facilities to include scattered-site housing throughout neighborhoods.

Real property owned by authority is exempt from taxation but subject to payment in lieu of taxes; authority bonds and notes are exempt from taxation and qualify as legal investments for public entities, insurance companies, banks, and fiduciaries.