What's happening
This bill increases the New York State Housing Finance Agency's bonding authority from $31.28 billion to $36.28 billion.
Why it matters
Expanding the Housing Finance Agency’s bonding authority allows the state to raise more capital for affordable housing projects. , which can help address New York’s ongoing housing crisis and support the construction or preservation of thousands of units.
Higher bonding limits may enable the agency to leverage federal and private investment. , increasing the overall pool of resources available for housing initiatives, potentially leading to larger-scale or more ambitious developments.
The amendment reflects a recognition of increased housing costs and demand. , signaling that the state views its existing resources as insufficient to meet current needs and is taking steps to keep pace with inflation and population growth.
By boosting bonding capacity, the state could accelerate the timeline for planned housing projects. , help reduce waitlists for affordable housing, and stimulate related job creation in construction and real estate sectors.
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Who cares
Headline styles
Increase Housing Bond Limit
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 27
No co-sponsors yet.
History
- Substituted by A420
- Ordered to third reading cal.10
- Referred to rules
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.
Raise Housing Bond Limit
Signed by Governor · Sponsor Linda Rosenthal
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
735
2025-2026 Regular Sessions
IN SENATE (Prefiled)
January 8, 2025
Introduced by Sen. KAVANAGH -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the private housing finance law, in relation to increasing the New York state housing finance agency bonding authority
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (c) of subdivision 1 of section 47 of the private housing finance law, as amended by chapter 479 of the laws of 2022, is amended to read as follows:
(c) The agency shall not issue bonds and notes other than state university construction bonds and state university construction notes, hospital and nursing home project bonds and hospital and nursing home project notes, health facilities bonds and health facilities notes, youth facilities project bonds and youth facilities project notes, community mental health services and developmental disabilities services project bonds and community mental health services and developmental disabilities services project notes, community senior citizens services project notes or community senior citizens services project bonds and mental hygiene improvement bonds and mental hygiene improvement notes and bonds and notes for the housing program for any of its corporate purposes in an aggregate principal amount exceeding [thirty-one] thirty-six billion two hundred eighty million dollars, excluding bonds and notes issued to refund outstanding bonds and notes.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00601-01-5
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to increas- ing the New York state housing finance agency bonding authority
Purpose of the bill
The bill would increase the bonding authority of the New York State Housing Finance Agency ("HFA") by $5 billion.
Summary of provisions
Section 1 of the bill increases HFA's bonding authority by $5 billion to a maximum aggregate of $36.28 billion.
Section 2 of the bill provides for an immediate effective date.
Justification
HFA has historically received an increase of bonding authority, between $2 billion and $3 billion, every two years. HFA has not received such an increase in almost four years. In 2021, HFA received its most recent increase of bonding authority, at $2 billion. In 2019, HFA received a $2.5 billion increase. In 2017, HFA received a $2.5 billion increase. In 2015, HFA received a $3 billion increase.
This proposed bonding increase will enable HFA to continue to meet the housing demands of New Yorkers, as well as help create jobs and provide economic stimulus. 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 $5 billion increase considers the remaining bond authority available to HFA, possible increases in the allocation of Private Activity Bonds to New York State, and potential future taxable bond transactions.
Prior legislative history
2021 increase: A7610/S6975 2019 increase: A8320/S6410
Fiscal implications
N/A
Effective date
All provisions of the bill shall be effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.