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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
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Sponsor's memo
BILL NUMBER:S1745
Title of bill
An act to amend the public authorities law, in relation to the bond issuance charge
Summary of provisions
This proposed legislation would amend Subdivision 1 of section 2976 of the public authorities law, as amended by section 1 of part C of Chapter 19 of the laws of 2010 to exempt the New York City Housing Development Fund Corporation (NY HDFC) from the state bond issuance charge with regard to housing being refinanced for the Purpose of preserving, rehabilitating and extending the life of such developments.
Justification
The imposition of the Bond Issuance Charge (the "BIC") on bonds issued by the New York City Housing Development Fund Corporation ("HDFC" or the "Corporation") on projects that because of age or other conditions have deteriorated over time and are in need of restoration, rehabilitation, and physical improvements. The current imposition of a Bond Issuance Charge on such projects have an adverse impact on the cost and number of units refinanced to create safe, sanitary and affordable habitable housing by adding approximately $6-$10 million per year in bond issuance charges incurred by the Corporation and its affordable Preservation housing projects.
Legislative history
The assignment of the Bond Issuance Charge (BIC) was included in Chapter 19 of the laws of 2010, the Governor's first enacted extender, and as a consequence could not be segregated.
Fiscal impact
The projected loss of revenue to the state is projected to be $4.2 million per year as opposed to the current $6-10 million projections. Notwithstanding, the elimination of the BIC for preservation will result in the creation of an additional 40 units per year.
Effective date
This act shall take effect on the 120th day after it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.