senate Bill S7149

Relates to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization

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Bill Status


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

  • 01 / May / 2014
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 19 / May / 2014
    • REPORTED AND COMMITTED TO FINANCE
  • 18 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 18 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1515
  • 18 / Jun / 2014
    • SUBSTITUTED BY A9922

Summary

Relates to the powers of the New York state housing finance agency with respect to an increase in bond and note authorization.

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Bill Details

See Assembly Version of this Bill:
A9922
Versions:
S7149
Legislative Cycle:
2013-2014
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง47, Priv Hous Fin L

Votes

7
0
7
Aye
0
Nay
0
aye with reservations
0
absent
2
excused
0
abstained
show Housing, Construction and Community Development committee vote details

Sponsor 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.

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

                                  7149

                            I N  S E N A T E

                               May 1, 2014
                               ___________

Introduced  by Sen. YOUNG -- (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 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 with respect 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 419 of the laws of  2012,  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 [seventeen] EIGHTEEN billion  [two]
SEVEN  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.
                                                           LBD13817-02-4

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