NY S05551

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

Authority governed by seven directors (six appointed by governor with senate confirmation, one ex officio director of the office for the aging who serves as chair) with minimum five years experience in finance, banking, investment banking, or senior housing development exceeding $5 million.

Authority empowered to make loans, issue bonds and notes, provide credit enhancements, and finance senior housing facilities including naturally occurring retirement communities, independent living, and adult homes, with loan terms up to 40 years after project completion.

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

Real property owned by authority exempt from taxation but subject to payments in lieu of taxes; authority bonds and notes exempt from taxation except gift, estate, and transfer taxes.