New York boosts assisted living.

With the goal of making assisted living affordable to more New Yorkers, the New York State Housing Finance Agency has developed underwriting criteria for the financing of assisted living projects for senior citizens.

While the HFA has had a financing program in place for age-restricted multifamily housing ranging from independent living to the state's two licensed assisted living models--enriched housing and adult home--the new program will embrace the assisted living model exemplified by the national chains, which has spread rapidly in recent years yet remains out of reach for many.

"We have heard a hue and cry for assisted living, so now we're moving into the category," says Gary Carriero, assistant vice president of development. "With this initiative, we're ready to do more of what the private sector is doing on assisted living."

To qualify, developers will be required to set aside a portion of the units for low- and moderate-income residents. HFA will also require that they meet all state licensing requirements appropriate to their facility type and amenities, but the agency will also finance facilities that do not require licensing. To qualify, applicants must possess a demon-stated track record in developing and managing the type of project for which funding is requested--or to form joint ventures with experienced entities.