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History
- Passed senateVote 62–0
- Message of necessity - 3 day message
- Ordered to third reading cal.3
- Referred to rules
Companion bills
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.
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.
Increases the bond and note authorization of the NYS housing finance agency and the effectiveness of the powers of such agency to finance c
In Senate Committee · Rules
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
Signed by Governor · Sponsor Karim Camara
Increases the bond and note authorization of the NYS housing finance agency and the effectiveness of the powers of such agency to finance c
In Senate Committee · Rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 effectiveness of such chapters
Purpose
This bill would (i) increase by $500 million the maximum bonding authority of the New York State Housing Finance Agency ("HFA") from $13.78 billion to $14.28 billion and (ii) extend HFA's authority to issue bonds to June 30, 2011.
Summary of provisions
Section 1 of the bill would increase the bonding authority of HFA 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.
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. 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 up to a total maximum amount of $14.28 billion, which will enable HFA to continue to meet the housing demands of New Yorkers, as well as creating jobs and providing economic stimulus.
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 152 of the Laws of 2009: 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.
Fiscal implications
None.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.