What's happening
This bill authorizes New York State to issue $20 billion in bonds for public housing capital needs, pending voter approval in November 2025.
Why it matters
Addresses urgent capital needs in public housing. By targeting funds specifically for the capital needs of public housing statewide, the bill aims to tackle issues like aging infrastructure, safety hazards, and deteriorating living conditions for hundreds of thousands of New Yorkers.
Potential for broad impact beyond state-owned housing. Funding can be distributed not only to state-run programs but also to local agencies, not-for-profits, and higher education institutions, which could mean improvements to a diverse array of public and affordable housing entities.
Significant long-term financial commitment for taxpayers. Authorizing $20 billion in bonds means the state will take on considerable debt, with repayment (including interest) coming from future state budgets, potentially affecting funding for other services or requiring future tax adjustments.
Requires voter approval, enhancing public accountability. The measure’s passage depends on a statewide referendum, giving New Yorkers a direct voice in deciding whether to invest heavily in public housing infrastructure and assume the associated debt.
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Who cares
Headline styles
Fund Public Housing Upgrades
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to finance
- Referred to finance
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1352
2025-2026 Regular Sessions
IN SENATE
January 9, 2025
Introduced by Sens. CLEARE, SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Finance
AN ACT authorizing the creation of a state debt in the amount of twenty billion dollars, in relation to enacting the save public housing bond act of 2025 and providing for the submission to the people of a proposition or question therefor to be voted upon at the general election to be held in November, 2025
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The save public housing bond act of 2025 is enacted to read as follows:
SAVE PUBLIC HOUSING BOND ACT OF 2025 Section 1. Short title.
2. Creation of a state debt.
3. Bonds of the state.
4. Consistency with federal tax law.
5. Use of moneys received.
Section 1. Short title. This act shall be known and may be cited as the "save public housing bond act of 2025".
§ 2. Creation of a state debt. The creation of a state debt to an amount not exceeding in the aggregate twenty billion dollars ($20,000,000,000) is hereby authorized to provide moneys for the single purpose of the capital needs of public housing statewide.
The legislature shall, by appropriate legislation and subject to such conditions as it may impose, make available out of the proceeds of the sale of bonds authorized in this act, moneys disbursed or to be disbursed for state programs or state assistance payments toward the cost of such programs undertaken by or through a state or local agency, not-for-profit entity, or higher educational institutions, for the purpose of providing for the capital needs of public housing statewide.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04028-01-5
§ 3. Bonds of the state. The state comptroller is hereby authorized and empowered to issue and sell bonds of the state in the amount of twenty billion dollars ($20,000,000,000) for the purpose of this act, subject to the provisions of article 5 of the state finance law. The aggregate principal amount of such bonds shall not exceed twenty billion dollars excluding bonds issued to refund or otherwise repay bonds theretofore issued for such purpose; provided, however, that upon any such refunding or repayment the total aggregate principal amount of outstanding bonds may be greater than twenty billion dollars only if the present value of the aggregate debt service of the refunding or repayment bonds to be issued shall not exceed the present value of the aggregate debt service of the bonds to be refunded or repaid. The method for calculating present value shall be determined by law.
§ 4. Consistency with federal tax law. Bonds issued pursuant to this act shall be issued as tax-exempt bonds for purposes of the federal internal revenue code and regulations thereunder. All actions taken pursuant to this act shall be reviewed for consistency with provisions of the federal internal revenue code and regulations thereunder, in accordance with procedures established in connection with the issuance of any bonds pursuant to this act which are intended to be federally tax exempt to preserve the federal tax exempt status of such bonds.
§ 5. Use of moneys received. The moneys received by the state from the sale of bonds sold pursuant to this act shall be expended pursuant to appropriations for the capital needs of public housing statewide.
§ 2. This act shall take effect immediately, provided that the provisions of section one of this act shall not take effect unless and until this act shall have been submitted to the people at the general election to be held in November, 2025, and shall have received a majority of all votes cast for and against it at such election. Upon approval by the people section one of this act shall take effect immediately. The ballots to be furnished for the use of the voters upon the submission of section one of this act shall be in the form prescribed by the election law, and the proposition or question to be submitted shall be printed thereon in substantially the following form, namely, "Shall section one of chapter (here insert the number of the chapter) of the laws of 2025 known as the save public housing bond act of 2025, which provides for the capital needs of public housing statewide by authorizing the creation of state debt to provide moneys therefor in the amount of twenty billion dollars ($20,000,000,000), be approved?"
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act authorizing the creation of a state debt in the amount of twenty billion dollars, in relation to enacting the save public housing bond act of 2025 and providing for the submission to the people of a proposi- tion or question therefor to be voted upon at the general election to be held in November, 2025
Purpose or general idea of bill
To Save all of New York's Public Housing by raising enough funds to expedite all needed capital repairs at one time, as opposed to piece- meal.
Summary of provisions
The Bill allows for a Bond Act Referendum to Save Public Housing in the amount of $20 Billion to go before the voters, if approved by the Legis- lature.
Justification
Public Housing, which is truly affordable housing and which exists all over New York State has been subject to decades of disinvestment by the Federal Government, which since the 1930's was the primary source of funding for all Public Housing. While the Federal Government's inaction is abhorrent and third-world, New York's Public Housing stock and more importantly, our residents, need immediate support. This bill provides an infusion of money that can be used to save public housing Upstate (needs estimated to be $5 Billion) and Downstate (Needs in excess of $15 Billion).
Prior legislative history
New In 2024.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.