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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A9922
- Ordered to third reading cal.1515
- Committee discharged and committed to rules
- 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.
Relates to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization
Signed by Governor · Sponsor Keith L.T. Wright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7149
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 respect 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 $1.5 billion to a maximum aggregate of $18.780 billion.
Summary of Provisions:
Section 1 of the bill would increase the bonding authority of HFA by $1.5 billion to a maximum aggregate of $18.780 billion.
Section 2 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 $17.280 billion.
Prior 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. Chapter 419 of the Laws of 2012; 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 result in both the creation and preservation of affordable housing across New York State. The bill would increase HFA's authority to issue bonds by $1.5 billion for a maximum aggregate of $18.780 billion, which will enable HFA to continue to meet the housing demands of New Yorkers, as well as help create jobs and provide economic stimulus.
Budget Implications:
None.
Local Impact:
None.
Effective Date:
This 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.