NY State Senate Bill 2009-S7225

Senate Bill S7225

Signed By Governor

2009-2010 Legislative Session

Increases the bonding authority of the NYC housing development corporation

download bill text pdf

Archive: Last Bill Status - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 30, 2010	signed chap.296
Jul 19, 2010	delivered to governor
Jun 24, 2010	returned to senate passed assembly ordered to third reading rules cal.371 substituted for a11248
Jun 10, 2010	referred to housing delivered to assembly passed senate
May 27, 2010	advanced to third reading
May 26, 2010	2nd report cal.
May 25, 2010	1st report cal.632
May 10, 2010	reported and committed to finance
Mar 24, 2010	referred to housing, construction and community development

Votes

- Jun 10, 2010 - Floor Vote
  S7225
  
  43
  
  Aye
  
  12
  
  Nay
  
  6
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 10, 2010
      
      aye (43)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Aubertine
      
      Bonacic
      
      Breslin
      
      Duane
      
      Espada
      
      Farley
      
      Foley
      
      Fuschillo
      
      Golden
      
      Hannon
      
      Hassell-Thompson
      
      Huntley
      
      Johnson
      
      Klein
      
      Krueger
      
      Kruger
      
      Lanza
      
      Leibell
      
      Little
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      Onorato
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Saland
      
      Sampson
      
      Savino
      
      Serrano
      
      Smith
      
      Squadron
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Young
      
      nay (12)
      
      DeFrancisco
      
      Flanagan
      
      Griffo
      
      Johnson
      
      LaValle
      
      Larkin
      
      Libous
      
      Marcellino
      
      Ranzenhofer
      
      Robach
      
      Seward
      
      Skelos
      
      absent (6)
      
      Diaz
      
      Dilan
      
      Perkins
      
      Schneiderman
      
      Volker
      
      Winner
      
      excused (1)
      
      Morahan
  May 10, 2010 - Housing, Construction And Community Development Committee Vote
  S7225
  
  8
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: May 10, 2010
      
      aye (8)
      
      Bonacic
      
      Diaz
      
      Espada
      
      Hassell-Thompson
      
      Krueger
      
      Leibell
      
      Squadron
      
      Young
  May 25, 2010 - Finance Committee Vote
  S7225
  
  32
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: May 25, 2010
      
      aye (32)
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Hannon
      
      Klein
      
      Krueger
      
      Kruger
      
      LaValle
      
      Larkin
      
      Leibell
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Perkins
      
      Robach
      
      Saland
      
      Seward
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      aye wr (1)
      
      Johnson

2009-S7225 (ACTIVE) - Details

See Assembly Version of this Bill:: A11248
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §656, Pri Hous Fin L

2009-S7225 (ACTIVE) - Summary

Increases the bonding authority of the NYC housing development corporation.

2009-S7225 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7225

 TITLE OF BILL :

An act to amend the private housing finance law, in relation to
increasing the bonding authority of the New York city housing
development corporation


 SUMMARY OF PROVISIONS :

This proposed legislation would amend the Private Housing Finance Law
to allow the New York City Housing Development Corporation ("HDC") to
increase the maximum aggregate principal amount of its outstanding
notes and bonds from $8.75 billion to $10.25 billion.

 JUSTIFICATION :

Since January 7, 2005, HDC has issued in excess of $6.5 billion in
bonds to finance the construction or preservation of some 20,000
apartments throughout the City and the preservation of approximately
13,800 additional Mitchell-Lama apartments. Separately, HDC has issued
a total of $814 million in Liberty Bonds to finance the construction
or conversion from nonresidential use of approximately 3,500 units in
Lower Manhattan since 2003. Over the last five years, in the
aggregate, HDC has been the largest issuer of affordable multi-family

housing bonds in the United States. However, by the end of December
2009, HDC was left with just slightly more than $500 million of unused
bonding authority. This legislation will enable HDC to continue to run
programs that develop and maintain affordable housing in New York City
by increasing its bonding authority.

HDC finances affordable housing primarily through three programs: (1)
Low-Income Affordable Marketplace Program ("LAMP"), which is targeted
to low income people making less than 60% of Area Median income
("AMI"); (2) New Housing Opportunities Program ("New HOP"), which is
targeted for middle income people with incomes up to a maximum of 175%
of AMI; and (3) the Mitchell-Lama restricting program.  In addition to
these three programs, HDC has launched a series of other initiatives
that necessitate the proposed increase in bonding authority, including
a variety of programs using taxable bonds and new Federal authority to
recycle tax exempt bonds.

 LEGISLATIVE HISTORY :
New bill.

 FISCAL IMPLICATIONS :
None.

 EFFECTIVE DATE :
Immediately.

2009-S7225 (ACTIVE) - Bill Text download pdf

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

                                  7225

                            I N  S E N A T E

                             March 24, 2010
                               ___________

Introduced  by  Sen.  ESPADA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN ACT to amend the private housing finance law, in relation to increas-
  ing  the  bonding  authority  of the New York city housing development
  corporation

  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 656 of the private
housing finance law, as amended by chapter 129 of the laws of  2008,  is
amended to read as follows:
  c.  No  bonds or notes of the corporation shall be issued if upon such
issuance the aggregate principal amount of bonds and notes of the corpo-
ration then outstanding  exceeds  the  lesser  of  [eight]  TEN  billion
[seven]  TWO hundred fifty million dollars or such amount as would cause
the maximum capital  reserve  fund  requirement  to  exceed  eighty-five
million  dollars; provided that, in determining such aggregate principal
amounts there shall be deducted (i) all  sums  then  available  for  the
payment  of such bonds or notes either at maturity or through the opera-
tion of a sinking fund; (ii) the aggregate principal amount of outstand-
ing bonds issued (a) to refund notes and (b) to refund  bonds,  thereto-
fore  issued  and  then  outstanding;  and (iii) the aggregate principal
amount of outstanding notes issued to renew notes theretofore issued and
then outstanding. The provisions of the prior sentence  notwithstanding,
the  corporation  shall not issue bonds if such issuance shall cause the
maximum reserve fund requirement to exceed thirty million dollars unless
prior to such issuance the senate and  assembly  shall  have  adopted  a
concurrent  resolution  passed  by  the  votes  of a majority of all the
members elected to each such house and, subsequent thereto, the governor
shall evidence in writing the governor's agreement with such  resolution
to the chairperson of the corporation, which resolution shall be in full
force  and  effect  on the date of issuance of the bonds, permitting the
maximum capital reserve fund requirement to equal or exceed  the  amount
of the maximum capital reserve fund requirement which would be effective

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

                                                           LBD16577-01-0

S. 7225                             2

upon  the  issuance of the bonds in question, but in no event, shall the
maximum capital reserve  fund  requirement  exceed  eighty-five  million
dollars.
  S 2. This act shall take effect immediately.

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