NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A10345
SPONSOR: Rules (Rosenthal L) TITLE OF BILL:
An act to amend the private housing finance law, in relation to increas-
ing the New York state housing finance agency bonding authority
PURPOSE OF THE BILL:
The bill would increase the bonding authority of the New York State
Housing Finance Agency ("HFA") by $3.1 billion.
SUMMARY OF PROVISIONS:
Section 1 of the bill increases HFA's bonding authority by $3.1 billion
to a maximum aggregate of $34.38 billion.
Section 2 of the bill provides for an immediate effective date.
JUSTIFICATION:
HFA has historically received an increase of bonding authority of
between $2 billion and $3 billion every two years. In 2021, HFA received
its most recent increase of bonding authority, at $2 billion. In 2019,
HFA received a $2.5 billion increase. In 2017, HFA received a $2.5
billion increase. In 2015, HFA received a $3 billion increase.
This proposed bonding increase will enable HFA to continue to meet the
housing demands of New Yorkers, as well as help create jobs and provide
economic stimulus. HFA currently has a substantial pipeline of financing
requests that will result in both the creation and preservation of
affordable housing across New York State. The $3.1 billion increase
considers the remaining bond authority available to HFA, possible
increases in the allocation of Private Activity Bonds to New York State,
and potential future taxable bond transactions.
PRIOR LEGISLATIVE HISTORY:
2021 increase: A7610/S6975
2019 increase: A8320/S6410
2017 increase: A8259/S6414
2015 increase: A7912/S4978
FISCAL IMPLICATIONS:
N/A
EFFECTIVE DATE:
All provisions of the bill shall be effective immediately.
STATE OF NEW YORK
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10345
IN ASSEMBLY
May 17, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. L. Rosen-
thal) -- (at request of the New York State Homes and Community
Renewal) -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to increas-
ing the New York state housing finance agency bonding authority
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
2 housing finance law, as amended by chapter 479 of the laws of 2022, is
3 amended to read as follows:
4 (c) The agency shall not issue bonds and notes other than state
5 university construction bonds and state university construction notes,
6 hospital and nursing home project bonds and hospital and nursing home
7 project notes, health facilities bonds and health facilities notes,
8 youth facilities project bonds and youth facilities project notes,
9 community mental health services and developmental disabilities services
10 project bonds and community mental health services and developmental
11 disabilities services project notes, community senior citizens services
12 project notes or community senior citizens services project bonds and
13 mental hygiene improvement bonds and mental hygiene improvement notes
14 and bonds and notes for the housing program for any of its corporate
15 purposes in an aggregate principal amount exceeding [thirty-one] thir-
16 ty-four billion [two] three hundred eighty million dollars, excluding
17 bonds and notes issued to refund outstanding bonds and notes.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14307-01-4
