NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A420
SPONSOR: Rosenthal 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 $5 billion. Summary of provisions:
Section 1 of the bill increases HFA's bonding authority by $5 billion to
a maximum aggregate of $36.28 billion.
Section 2 of the bill provides for an immediate effective date.
JUSTIFICATION:
HFA has historically received an increase of bonding authority, between
$2 billion and $3 billion, every two years. HFA has not received such an
increase in almost four 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 $5 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: A7610/56975
2019 increase: A8320/56410
FISCAL IMPLICATIONS:
N/A
EFFECTIVE DATE:
All provisions of the bill shall be effective immediately.
STATE OF NEW YORK
________________________________________________________________________
420
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. ROSENTHAL -- (at request of the New York State
Homes and Community Renewal) -- read once and referred to the Commit-
tee 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-six billion two hundred eighty million dollars, excluding bonds and
17 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.
LBD00601-01-5
