senate Bill S6899

Signed by Governor

Increases, from $16,280,000,000 to $17,280,000,000, the bonding authorization granted to the New York state housing finance agency

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 09 / Apr / 2012
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 14 / May / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 05 / Jun / 2012
    • 1ST REPORT CAL.1065
  • 06 / Jun / 2012
    • 2ND REPORT CAL.
  • 11 / Jun / 2012
    • ADVANCED TO THIRD READING
  • 12 / Jun / 2012
    • PASSED SENATE
  • 12 / Jun / 2012
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2012
    • REFERRED TO WAYS AND MEANS
  • 14 / Jun / 2012
    • SUBSTITUTED FOR A10050
  • 14 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.126
  • 14 / Jun / 2012
    • PASSED ASSEMBLY
  • 14 / Jun / 2012
    • RETURNED TO SENATE
  • 06 / Aug / 2012
    • DELIVERED TO GOVERNOR
  • 17 / Aug / 2012
    • SIGNED CHAP.419

Summary

Increases, from $16,280,000,000 to $17,280,000,000, the bonding authorization granted to the New York state housing finance agency.

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Bill Details

See Assembly Version of this Bill:
A10050
Versions:
S6899
Legislative Cycle:
2011-2012
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §47, Priv Hous Fin L

Sponsor Memo

BILL NUMBER:S6899

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 relating 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 billion to a maximum aggregate of
$17.280 billion.

SUMMARY OF PROVISIONS:
Section 1 of the bill would amend Private Housing Finance Law ("PHFL")
§ 47, subd. 1, para. (c) to increase the bonding authority of HFA by
$1 billion to a maximum aggregate of $17.280 billion.

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:
Current law authorizes HFA to issue bonds and notes for any of its
corporate purposes in an aggregate principal amount not to exceed
$16.280 billion.

PRIOR LEGISLATIVE HISTORY:
Since 2000, similar bills have been enacted annually to increase
HFA's bonding authority and on a biennial basis to extend HFA's
authority to issue bonds. See 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 create and preserve
affordable housing across New York State. The bill would increase
HFA's authority to issue bonds up to $1 billion for a maximum aggregate
of $17.280 billion, enabling HFA to continue to meet the housing
demands of New Yorkers, as well as creating jobs and providing
economic stimulus.

BUDGET IMPLICATIONS:
None.

EFFECTIVE DATE:

This bill takes effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6899

                            I N  S E N A T E

                              April 9, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the Committee on Housing, Construction and Communi-
  ty Development

AN ACT to amend the private housing finance  law,  in  relation  to  the
  powers  of  the  new  York state housing finance agency relating to an
  increase in bond and note authorization

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
housing  finance  law, as amended by chapter 100 of the laws of 2011, 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 mental retardation services project
bonds  and  community  mental  health  services  and  mental retardation
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  [sixteen] SEVENTEEN billion two
hundred eighty million dollars, excluding  bonds  and  notes  issued  to
refund outstanding bonds and notes.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14296-02-2

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