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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Signed chap.419
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.126
- Substituted for A10050
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–2
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1065
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, from $16,280,000,000 to $17,280,000,000, the bonding authorization granted to 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:S6899
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 relating 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 billion to a maximum aggregate of $17.280 billion.
Summary of provisions
Section 1 of the bill would amend Private Housing Finance Law ("PHFL") § 47, subd. 1, para. (c) to increase the bonding authority of HFA by $1 billion to a maximum aggregate of $17.280 billion.
Section 2 of the bill provides for an immediate effective date.
Existing law
Current law authorizes HFA to issue bonds and notes for any of its corporate purposes in an aggregate principal amount not to exceed $16.280 billion.
Prior legislative history
Since 2000, similar bills have been enacted annually to increase HFA's bonding authority and on a biennial basis to extend HFA's authority to issue bonds. See 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 create and preserve affordable housing across New York State. The bill would increase HFA's authority to issue bonds up to $1 billion for a maximum aggregate of $17.280 billion, enabling HFA to continue to meet the housing demands of New Yorkers, as well as creating jobs and providing economic stimulus.
Budget 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.