NY S07391

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

Authority consists of seven directors appointed by the governor (with senate and legislative recommendations) requiring five years' experience in finance, banking, investment banking, or senior housing development; director of office for the aging serves as ex officio chair and CEO.

Authority may make loans, provide credit enhancements, and issue bonds (up to 40-year maturity) to finance senior housing projects including naturally occurring retirement communities, independent living facilities, and scattered-site housing.

Establishes a revolving fund from federal grants, state appropriations, loan repayments, and bond proceeds to provide financial assistance through loans at market or below-market rates, debt refinancing, and credit enhancement for senior housing development corporations.

Authority's real property is exempt from taxation but subject to payments in lieu of taxes; bonds and notes are exempt from state and local taxation; non-payment by borrowers triggers comptroller withholding of state aid to satisfy debt obligations.