Relates to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization.
TITLE OF BILL: An act to amend the private housing finance law, in relation to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization
Purpose of the Bill:
The bill would increase the New York State Housing Finance Agency's ("HFA") bonding authority by $1.5 billion to a maximum aggregate of $18.780 billion.
Summary of Provisions:
Section 1 of the bill would increase the bonding authority of HFA by $1.5 billion to a maximum aggregate of $18.780 billion.
Section 2 of the bill provides for an immediate effective date.
Current law authorizes HFA to issue bonds and notes for its housing programs for any of its corporate purposes in an aggregate principal amount not to exceed $17.280 billion.
Prior Legislative History:
Since 2000, similar bills have been enacted on an annual basis to increase HFA's bonding authority and on a biennial basis to extend HFA's authority to issue bonds. Chapter 419 of the Laws of 2012; Chapter 100 of the Laws of 2011; Chapter 407 of the Laws of 2010; Chapter 176 of the Laws of 2009; Chapter 151 of the Laws of 2008; Chapter 85 of the Laws of 2007; Chapter 398 of the Laws of 2006; Chapter 124 of the Laws of 2005; Chapter 204 of the Laws of 2004; Chapter 99 of the Laws of 2003; Chapter 48 of the Laws of 2002; Chapter 363 of the Laws of 2001; and Chapter 131 of the Laws of 2000.
Statement in Support:
This bill would increase the maximum amount of new money bonds which HFA is authorized to issue. 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 bill would increase HFA's authority to issue bonds by $1.5 billion for a maximum aggregate of $18.780 billion, which will enable HFA to continue to meet the housing demands of New Yorkers, as well as help create jobs and provide economic stimulus.
This bill would take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 7149 IN SENATE May 1, 2014 ___________Introduced by Sen. YOUNG -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development AN ACT to amend the private housing finance law, in relation to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 1 of section 47 of the private housing finance law, as amended by chapter 419 of the laws of 2012, is amended to read as follows: (c) The agency shall not issue bonds and notes other than state university construction bonds and state university construction notes, hospital and nursing home project bonds and hospital and nursing home project notes, health facilities bonds and health facilities notes, youth facilities project bonds and youth facilities project notes, community mental health services and mental retardation services project bonds and community mental health services and mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds and mental hygiene improvement bonds and mental hygiene improvement notes and bonds and notes for the housing program for any of its corporate purposes in an aggregate principal amount exceeding
[seventeen]EIGHTEEN billion [two]SEVEN hundred eighty million dollars, excluding bonds and notes issued to refund outstanding bonds and notes. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13817-02-4