An appellate court in New York has affirmed a trial court decision denying real estate tax exemption to a continuing care retirement community. The Court said the facility was not used exclusively for charitable purposes because it was “restricted to wealthy and relatively healthy senior citizens.” The Miriam Osborn Memorial Home Association was originally formed in 1892 as a home for respectable, aged women in needy circumstances. Over the years it subsidized the retirement living of needy women, but by the late 1980s its financial condition had seriously deteriorated. After a great deal of study, the board decided that it had to revise and expand its operations if it were to survive and...