senate Bill S5082

Signed By Governor
2013-2014 Legislative Session

Increase the bonding authority of the New York city housing development corporation from $10,250,000,000 to $11,250,000,000

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 31, 2013 signed chap.284
Jul 19, 2013 delivered to governor
Jun 19, 2013 returned to senate
passed assembly
ordered to third reading rules cal.457
substituted for a7405
Jun 13, 2013 referred to ways and means
delivered to assembly
passed senate
May 23, 2013 advanced to third reading
May 22, 2013 2nd report cal.
May 21, 2013 1st report cal.677
May 08, 2013 referred to housing, construction and community development

Votes

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May 21, 2013 - Housing, Construction and Community Development committee Vote

S5082
7
0
committee
7
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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Housing, Construction and Community Development Committee Vote: May 21, 2013

aye wr (1)

S5082 - Bill Details

See Assembly Version of this Bill:
A7405
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง656, Priv Hous Fin L

S5082 - Bill Texts

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Increases the bonding authority of the New York city housing development corporation from $10,250,000,000 to $11,250,000,000.

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BILL NUMBER:S5082

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

PURPOSE OR GENERAL IDEA OF BILL:

To amend the private housing finance law to allow the NYC Housing
Development Corporation to increase the maximum aggregate principal
amount of outstanding notes and bonds from $10.25 to $11.25 billion.

SUMMARY OF SPECIFIC PROVISIONS:

The Act amends section 656 of the private housing finance law to
increase the bond cap of the NYC Housing Development Corporation (HDC)
by $1 billion.

JUSTIFICATION:

By the end of December 2012, HDC had approximately $9.1 billion of
bonds sold or outstanding, leaving the City with slightly more than $1
billion dollars of unused bonding authority. HDC expects to issue
approximately $500 million in bonds supported by Federal funds to
finance capital improvements for the New York City Housing Authority
in July. In addition, HDC has previously agreed to finance multi-year
projects totaling an additional $200 million. Since January 1, 2005,
HDC has issued in excess of $ 6.5 billion in bonds to finance the
construction or preservation of some 40,000 apartments throughout the
City and the preservation of some 29,650 additional Mitchell-Lama
apartments. Separately, HDC has issued in excess of $814 million in
Liberty Bonds to finance the construction or conversion from
non-residential use of approximately 3,500 units in lower Manhattan
since 2003.

Between 2012 and 2014, in the aggregate, HDC has been the largest
issuer of affordable multi-family bonds in the United States and has
been instrumental in the financing of the Mayor's "New Housing
Marketplace Initiative". As of January 1, 2013, HDC has financed the
construction of or preservation of 70,000 affordable apartments, far
surpassing their original 5 year goal under the Mayor's expanded "New
Housing Marketplace Plan". HDC financing for the plan has been through
three programs which include the Low- Income Affordable Marketplace
Program,(LAMP) which is targeted to for low income people making less
than 600 of AMI. The New Housing Opportunities Program (New HOP) which
is targeted to middle income wage earners up to 175% of AMI, and the
Mitchell-Lama restructuring program.

HDC has also initiated other programs such as the utilization of
federal authority and taxable bonds to recycle tax exempt bonds.

This expansion of bonding capacity will allow HDC to continue to run
programs that develop and maintain affordable housing in New York
City.


PRIOR LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

EFFECTIVE DATE:

Immediately.

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

                                  5082

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 8, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- 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 296 of the laws of  2010,  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 [ten] ELEVEN  billion  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 operation of a sinking
fund; (ii) the aggregate principal amount of  outstanding  bonds  issued
(a) to refund notes and (b) to refund bonds, theretofore 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  issu-
ance  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 writ-
ing  the governor's agreement with such resolution to the chairperson of
the corporation, which resolution shall be in full force and  effect  on

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10670-01-3

S. 5082                             2

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 upon the issu-
ance  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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