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History
- Signed chap.296
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.371
- Substituted for A11248
- Referred to housing
- Delivered to assembly
- Passed senateVote 43–12
- Advanced to third reading
- 2nd report cal.
- 1st report cal.632
Show 2 earlier actions
- Reported and committed to finance
- Referred to housing, construction and community development
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.
Increases the bonding authority of the NYC housing development corporation
Assembly Floor Calendar · Sponsor Vito Lopez
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 increasing the bonding authority of the New York city housing development corporation
Summary of provisions
This proposed legislation would amend the Private Housing Finance Law to allow the New York City Housing Development Corporation ("HDC") to increase the maximum aggregate principal amount of its outstanding notes and bonds from $8.75 billion to $10.25 billion.
Justification
Since January 7, 2005, HDC has issued in excess of $6.5 billion in bonds to finance the construction or preservation of some 20,000 apartments throughout the City and the preservation of approximately 13,800 additional Mitchell-Lama apartments. Separately, HDC has issued a total of $814 million in Liberty Bonds to finance the construction or conversion from nonresidential use of approximately 3,500 units in Lower Manhattan since 2003. Over the last five years, in the aggregate, HDC has been the largest issuer of affordable multi-family housing bonds in the United States. However, by the end of December 2009, HDC was left with just slightly more than $500 million of unused bonding authority. This legislation will enable HDC to continue to run programs that develop and maintain affordable housing in New York City by increasing its bonding authority.
HDC finances affordable housing primarily through three programs: (1) Low-Income Affordable Marketplace Program ("LAMP"), which is targeted to low income people making less than 60% of Area Median income ("AMI"); (2) New Housing Opportunities Program ("New HOP"), which is targeted for middle income people with incomes up to a maximum of 175% of AMI; and (3) the Mitchell-Lama restricting program. In addition to these three programs, HDC has launched a series of other initiatives that necessitate the proposed increase in bonding authority, including a variety of programs using taxable bonds and new Federal authority to recycle tax exempt bonds.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.