Requires the Housing and Community Services Department to develop a senior housing development initiative. Transfers moneys from the Senior Property Tax Deferral Revolving Account to be used for the initiative. Requires the Department of Revenue to annually review the account, beginning in 2027, for estimated excess funds to transfer to the [Elderly and Disabled Housing Fund] General Housing Account for the initiative. Sunsets July 1, 2031. Provides that projects funded by the Elderly and Disabled Housing Fund remain eligible for affordable housing tax credits.