NY S05382

Creates the New York State Senior Housing Opportunities Partnership Authority as a public benefit authority to finance or collaborate in financing senior housing projects for seniors age 60 and older.

Establishes a seven-member board of directors appointed by the governor with advice and consent of the senate, requiring members to have at least five years experience in finance, banking, investment banking, or senior housing development exceeding $5 million.

Authorizes the authority to issue bonds and notes, make loans to senior housing development corporations at market or below-market rates with maximum 40-year maturity, and provide credit enhancements for senior housing facility projects.

Permits senior housing projects financed by the authority to restrict occupancy exclusively to persons 60 years of age or older and their spouses, notwithstanding fair housing laws under executive law article 15.

Establishes a revolving fund to receive federal grants, state appropriations, loan repayments, and bond proceeds for providing financial assistance to senior housing opportunity corporations and covering program administration costs.