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History
- Signed chap.407
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.165
- Substituted for A11238
- Referred to housing
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.545
Show 1 earlier action
- 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 bond and note authorization of the New York state housing finance agency
Assembly Floor Calendar · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7420
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 relation to an increase in bond and note authorization
Purpose of the bill
The bill would increase the bonding authority of the New York State Housing Finance Agency ("HFA" or "the Agency") by $1 billion, to a maxi- mum aggregate of $15.280 billion.
Summary of provisions
Section 1 of the bill would increase HFA's bonding authority of HFA by $1 billion, to a maximum aggregate of $15.280 billion.
Section 2 of the bill would provide 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 $14.280 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 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; Chapter 131 of the Laws of 2000.
Statement in support
This bill would increase the maximum amount of new money bonds that HFA is authorized to issue. The Agency currently has a substantial pipeline of financing requests that is expected to result in both the creation and preservation of affordable housing across New York State. Increasing HFA's authority to issue bonds up to $1 billion for a maximum aggregate of $15.280 billion would enable the Agency to continue to meet the hous- ing demands of New Yorkers, as well as create jobs and stimulate the economy.
Fiscal impact
This bill would have no fiscal impact.
Effective date
The bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.