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A8528Assembly2009-2010 SessionSame asS3458

Increases the bond and note authorization of the N.Y. state housing finance agency and the effectiveness of the powers of such agency to finance certain multi-family housing

Sponsor Karim CamaraAD-43Affects Housing
Status
Signed by Governor
Impact
Pending
Outcome
Signed into law

Bill progress

Signed into law

What's happening

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Who cares

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Sponsors

Primary sponsor
Karim Camara

Assembly Member · Assembly District 43

No co-sponsors yet.

History

  1. Signed chap.176
  2. Delivered to governor
  3. Returned to assembly
  4. Repassed senate
  5. Vote reconsidered - restored to third reading
  6. Passed senate
  7. 3rd reading cal.375
  8. Substituted for S3458A
  9. Referred to rules
  10. Delivered to senate
  11. Passed assembly
  12. Ordered to third reading rules cal.219
Show 5 earlier actions
  1. Rules report cal.219
  2. Reported
  3. Reported referred to rules
  4. Reported referred to ways and means
  5. Referred to housing

Companion bill

The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.

S3458Senate

Increases the bond and note authorization of the NYS housing finance agency and the effectiveness of the powers of such agency to finance certain housing

Senate Floor Calendar · Sponsor Pedro Espada Jr.

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:A8528

Title of bill

An act to amend the private housing finance law, in relation to an increase in bond and note authorization of the New York state housing finance agency; and to amend chapter 514 of the laws of 1983, amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency to finance certain multi-family housing; and to amend chapter 396 of the laws of 1984, amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency to finance certain multi-family housing, in relation to the effective- ness of such chapters

Purpose

This bill would (i) increase by $500 million the maximum bonding author- ity of the New York State Housing Finance Agency ("HFA" or the "Agency") from $13.78 billion to $14.28 billion and (ii) extend the Agency's authority to issue bonds to June 30, 2011.

Summary of provisions

Section 1 of the bill would increase the bonding authority of HFA by $500 million to a maximum of $14.28 billion.

Sections 2 and 3 of the bill would extend HFA's authority to finance certain multi-family housing projects until June 30, 2011.

Section 4 of the bill provides for an immediate effective date.

Existing law

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 $13.78 billion.

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. See 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.

Justification

This bill would increase the maximum amount of new money bonds which HFA is authorized to issue and would extend HFA's authority to finance certain multi-family housing projects until June 30, 2011. The Agency 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 up to a total maximum amount of $14.28 billion, which will enable

the Agency to continue to meet the housing demands of New Yorkers, as well as creating jobs and providing economic stimulus.

Fiscal implications

This legislation would increase HFA's bonding authority by $500 million.

Effective date

This act shall take effect immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.