New York A 5021: Enacts the New York state senior housing opportunities partnership act and establishes a state senior housing opportunities partnership authority

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A05021 Summary:

BILL NOA05021 

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SAME ASNo Same As

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SPONSORHyndman

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COSPNSR

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MLTSPNSR

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Add §209-a, Eld L

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Enacts the New York state senior housing opportunities partnership act; establishes the New York state senior housing opportunities partnership authority; provides that such authority will finance or collaborate in the financing of senior housing opportunities facility projects.

Go to top A05021 Actions:

BILL NOA05021 

&nbsp

02/10/2025referred to aging

01/07/2026referred to aging

Go to topA05021 Committee&nbspVotes:

Go to topA05021 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05021 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5021

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 10, 2025
 ___________

 Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
 tee on Aging

 AN ACT to amend the elder law, in relation to establishing the New York
 state senior housing opportunities partnership act

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The elder law is amended by adding a new section 209-a to
 2 read as follows:
 3 § 209-a. The New York state senior housing opportunities partnership
 4 act. 1. Short title. This section shall be known and may be cited as
 5 the "New York state senior housing opportunities partnership act".
 6 2. Definitions. As used in this section:
 7 a. "Authority" means the New York state senior housing opportunities
 8 partnership authority created by this section.
 9 b. "Bank" means any banking organization defined by section two of the
 10 banking law that has a market capitalization (determined by multiplying
 11 the number of shares times the current market price), of less than two
 12 billion dollars.
 13 c. "Senior" means a person who is sixty years of age or older who is
 14 the head of a household. Any other provision of any other law to the
 15 contrary notwithstanding, including any provision of article fifteen of
 16 the executive law, it shall not be unlawful to restrict rental, sale or
 17 lease of a senior housing project financed in whole or in part by the
 18 authority exclusively to persons sixty years of age or older and the
 19 spouse of any such person.
 20 d. "Senior housing opportunities development corporation" means any
 21 person, individual, firm, partnership, association, or other entity or
 22 collaboration of entities organized or existing under the laws of the
 23 state or any other state, domestic or foreign, exclusive of a state
 24 agency, undertaking the construction of a senior housing facility.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05211-01-5

 A. 5021 2

 1 e. "Senior housing opportunities partnership financing instrument"
 2 means any financing instrument, including a bank loan, bonds and notes,
 3 or credit enhancement issued or purchased by or on behalf of a senior
 4 housing opportunities development corporation for a senior housing
 5 opportunities facility.
 6 f. "Senior housing opportunities facility" means any structure,
 7 improvement, furnishing, equipment or other real or personal property
 8 that is or is to be used, owned or occupied in whole or in excess of
 9 fifty percent by housing for seniors, whether as rental or owner-occu-
 10 pied housing. Senior housing facility means and includes, but is not
 11 limited to naturally occurring retirement communities (as defined in
 12 section two hundred nine of this title, or any successor thereto), mark-
 13 et-rate independent living, adult home (as defined in section two of the
 14 social services law), as well as any and all recreational, educational,
 15 cultural, office, living, rehearsal, parking, restaurant, retail, stor-
 16 age and other facilities necessary or desirable in connection with the
 17 activities of the senior facility. For purposes of this section, owner-
 18 occupied means and includes any provision or instrument that allows a
 19 senior to own or to eventually own their living unit such that it
 20 becomes an owner-occupied living unit, including through such means as
 21 direct purchase, reverse-mortgage