NY S02429

Creates the New York state senior housing opportunities partnership authority as a public benefit authority to finance senior housing facility projects through loans, bonds, and credit enhancements for qualified development corporations.

Defines "seniors" as persons aged 60 or older who are household heads, and permits housing projects financed by the authority to restrict occupancy exclusively to seniors and their spouses, notwithstanding fair housing laws.

Establishes a seven-member board of directors appointed by the governor with advice and consent of the senate, with the director of the office for the aging serving as chair and chief executive officer.

Authorizes the authority to issue bonds and notes (with maximum 40-year maturity), make loans at market or below-market rates, provide credit enhancements, and establish a revolving fund from federal grants, state appropriations, loan repayments, and investment earnings.

Exempts authority property and bonds from state and local taxation (except gift and estate taxes), provides remedies for bondholders in case of default, and limits liability for injuries against the authority to four percent annual interest on judgments.