Provides for the appointment of the members of the New York state housing finance agency, the housing trust fund corporation and the affordable housing corporation

Title of bill

An act to amend the private housing finance law, in relation to the membership of the New York state housing finance agency, the housing trust fund corporation and the affordable housing corporation

Purpose

This bill establishes that the membership of the Housing Finance agency shall be expanded to include one director appointed by the temporary president of the senate, and one director appointed by the speaker of the assembly. Further, it aligns membership of the Housing Finance Agency with its subsidiary corporations, the Housing Trust Fund Corporation and the Affordable Housing Corporation.

Summary of provisions

Section one amends subdivision 1 of Section 43 of the Private Housing Finance Law to include within the composition of the Housing Finance Agency, one director appointed by the Temporary President of the Senate and one director appointed by the Speaker of the Assembly. The directors appointed by the Temporary President of the Senate and the Speaker of the Assembly shall serve at the pleasure of the Temporary President of the Senate and the Speaker of the Assembly respectively. Any vacancy shall be filled, for the unexpired term, if applicable, in the same manner as the original appointment.

Section two amends subdivision 3 of section 45-a of the Private Housing Finance Law to align the board composition of the Housing Trust Fund Corporation with the Housing Finance Agency.

Section three amends subdivision 3 of section 45-b of the Private Housing Finance Law to align the board composition of the Affordable Housing Corporation with the Housing Finance Agency.

Justification

The Housing Finance Agency (HFA) is a corporate governmental agency constituting a public benefit corporation. Its membership consists of the Commissioner of the Division of Housing and Community Renewal (DHCR), the Director of the Budget, the Commissioner of Taxation and Finance and four members appointed by the Governor with the advice and consent of the Senate.

The Housing Trust Fund Corporation (HTFC) and the Affordable Housing Corporation (AHC) are both subsidiary corporations of HFA. Currently, the membership of the HTFC includes the Commissioner of DHCR (who serves as Chair), the Chair of HFA and one additional member to be appointed by the Chair of the HTFC. The membership of the Affordable Housing Corporation, includes members of HFA as may be constituted from time to time, and the Chair of HFA.

To allow for greater efficiency and administration of the State's housing resources, this bill would expand membership of the Housing Finance Agency to provide for Senate and Assembly appointees. Further, the membership composition of the Housing Trust Fund Corporation and Affordable Housing Corporation, both subsidiary corporations of the Housing Finance Agency, would be aligned with that of the Housing Finance Agency.

Legislative history

New bill

Fiscal implications

None

Effective date

This act shall take effect on the first of January next succeeding the date on which it shall have become law.