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

                                  7137

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               May 1, 2013
                               ___________

Introduced by M. of A. WRIGHT, GIBSON, HEASTIE, COOK, ROBINSON, BENEDET-
  TO, KAVANAGH -- Multi-Sponsored by -- M. of A. SCARBOROUGH, SEPULVEDA,
  STIRPE,  SWEENEY,  TITONE, TITUS, WEINSTEIN, WEISENBERG -- (at request
  of the Division of Housing &  Community  Renewal)  --  read  once  and
  referred to the Committee on Housing

AN  ACT  to  amend chapter 514 of the laws of 1983, amending the private
  housing finance law and the real property  tax  law  relating  to  the
  powers of the New York state housing finance agency to finance certain
  multi-family housing; to amend chapter 396 of the laws of 1984, amend-
  ing  the  private  housing  finance  law and the real property tax law
  relating to the powers of the New York state housing finance agency to
  finance certain multi-family housing, in relation to the effectiveness
  of such chapters; to amend chapter 915 of the laws of  1982,  amending
  the  public authorities law relating to the powers of the state of New
  York mortgage agency, in relation to the effective  date  thereof;  to
  amend  the  public  authorities  law, in relation to the powers of the
  state of New York mortgage agency; to amend chapter 555 of the laws of
  1989, amending the public authorities law and other laws  relating  to
  establishing  a  New York state infrastructure trust fund, in relation
  to the effective date thereof; and to amend chapter 172 of the laws of
  2002, amending the public authorities law relating to  the  powers  of
  the  state  of  New York mortgage agency, in relation to extending the
  provisions thereof

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

  Section  1. Section 6 of chapter 514 of the laws of 1983, amending the
private housing finance law and the real property tax  law  relating  to
the  powers  of  the  New  York  state housing finance agency to finance
certain multi-family housing, as amended by chapter 100 of the  laws  of
2011, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09100-01-3

              

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  S  6.  This act shall take effect immediately and shall remain in full
force and effect until July 23, [2013] 2015 at which time  it  shall  be
repealed.
  S  2.  Section  7  of  chapter  396  of the laws of 1984, amending the
private housing finance law and the real property tax  law  relating  to
the  powers  of  the  New  York  state housing finance agency to finance
certain multi-family housing, as amended by chapter 100 of the  laws  of
2011, is amended to read as follows:
  S 7. This act shall take effect immediately, except that sections one,
three,  four,  five  and  six of this act shall remain in full force and
effect until July 23, [2013] 2015 at which time such sections  shall  be
repealed.
  S  3.  Section  16  of  chapter  915 of the laws of 1982, amending the
public authorities law relating to the powers of the state of  New  York
mortgage  agency,  as  amended  by  chapter  100 of the laws of 2011, is
amended to read as follows:
  S 16. This act shall take effect immediately except  that  the  amend-
ments  to  law  effected  by  sections  one  through ten of this act, as
amended, shall cease to be of force and effect on  and  after  July  23,
[2013]  2015, on which date the provisions of the public authorities law
amended by such sections shall be as they were in force and effect imme-
diately prior to this act taking effect.
  S 4. Section 2407 of the public authorities law, as amended by chapter
100 of the laws of 2011, is amended to read as follows:
  S 2407. Bond limits. (1) Except for notes issued in  nineteen  hundred
seventy  and  nineteen  hundred  seventy-one, the agency shall not issue
bonds and notes, the interest on which is  not  included  in  the  gross
income  of  the  holders  of the bonds and notes under the United States
Internal Revenue Code of 1986, as amended, or any subsequent correspond-
ing internal revenue law of the United States, in an aggregate principal
amount exceeding ten billion two hundred twenty million dollars, exclud-
ing from such limitation (a) an  amount  equal  to  any  original  issue
discount  from  the  principal  amount of any bonds or notes issued, (b)
bonds and notes issued to refund outstanding bonds and  notes,  and  (c)
bonds  and  notes  not  described  in  paragraph (b) of this subdivision
issued to refund outstanding bonds and  notes  in  accordance  with  the
provisions of the Internal Revenue Code of 1986 or the Tax Reform Act of
1986,  as  amended,  where  such  bonds or notes are not included in the
statewide volume cap on private purpose bonds under section 146 of  such
code  provided,  however, that upon any refunding pursuant to this para-
graph or paragraph (b) of this subdivision, such exclusion  shall  apply
only  to the extent that the amount of the refunding bonds or notes does
not exceed (i) the outstanding amount of the refunded  bonds  or  notes,
plus  (ii)  to the extent permitted by applicable federal tax law, costs
of issuance of the refunding bonds or notes  to  be  financed  from  the
proceeds of the refunding bonds or notes.  No such bond or note shall be
issued  by the agency on or after July twenty-third, two thousand [thir-
teen] FIFTEEN, excluding bonds and notes issued  to  refund  outstanding
bonds  and  notes. No more than five hundred million dollars of proceeds
of bonds or notes issued by the  agency  pursuant  to  this  subdivision
shall  be  used for mortgage purposes by blending with proceeds of bonds
issued pursuant to subdivision two of this section.
  (2) In connection with the  issuance  of  bonds  for  the  purpose  of
furthering programs described in this title, the agency is authorized to
covenant  and  consent  that  the interest on any of its bonds, notes or
other obligations shall be includable, under the United States  Internal

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Revenue  Code of 1986, as amended or any subsequent corresponding inter-
nal revenue law of the United States, in the gross income of the holders
of the bonds to the same extent and in the same manner that the interest
on  bills,  bonds,  notes  or  other obligations of the United States is
includable in the gross income of the holders thereof under said  Inter-
nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
sion, the agency shall not issue bonds, notes or other obligations in an
aggregate principal amount  exceeding  eight  hundred  million  dollars,
excluding  from such limitation bonds, notes or other obligations issued
to refund outstanding bonds, notes or other obligations. No  such  bond,
note  or other obligation shall be issued by the agency on or after July
twenty-third, two thousand [thirteen] FIFTEEN, excluding bonds, notes or
other obligations issued to refund outstanding  bonds,  notes  or  other
obligations  and  no  mortgages  shall be purchased with the proceeds of
such bonds, notes or other obligations after such  date.  The  board  of
directors  of the agency shall establish program guidelines for purposes
of bonds, notes or other obligations issued pursuant  to  this  subdivi-
sion.  The  board of directors shall establish from time to time maximum
income limits of persons  eligible  to  receive  mortgages  financed  by
bonds,  notes  or other obligations issued pursuant to this subdivision,
which income limits with respect to one-third  of  the  total  principal
amount  of  mortgages  authorized to be so financed shall not exceed one
hundred twenty-five percent of the latest maximum income limits  permit-
ted  under the Internal Revenue Code of 1986, as amended, for mortgagors
financed by mortgage revenue bonds, with respect to  one-third  of  such
principal  amount  authorized  to  be  so financed, shall not exceed one
hundred thirty-five percent of such income limits, and with  respect  to
one-third  of  such principal amount authorized to be so financed, shall
not exceed one hundred fifty percent of such limits.
  (3) The fixing of the statutory maximums in this section shall not  be
construed  as constituting a contract between the agency and the holders
of its bonds or notes that additional bonds and notes may not be  issued
subsequently  by  the  agency  in the event that such statutory maximums
shall subsequently be increased by law.
  S 5. Section 19 of chapter 555 of  the  laws  of  1989,  amending  the
public  authorities  law  and  other laws relating to establishing a New
York state infrastructure trust fund, as amended by chapter 100  of  the
laws of 2011, is amended to read as follows:
  S  19.  This  act shall take effect immediately and shall be deemed to
have been in full force and effect on and after June 15,  1989  provided
that  the  amendments  to  law effected by sections six and nine through
seventeen of this act, as amended, shall cease to be of force and effect
on and after July[,] 23 [2013], 2015, on which date  the  provisions  of
the  public  authorities  law  amended by such sections shall be as they
were in force and effect immediately prior to this  act  taking  effect,
and provided however that the amendments to law effected by sections six
and  nine  through  seventeen of this act, as amended, shall continue to
apply to all commitments issued or policies or  development  corporation
credit  support in force on or before July 23, [2013] 2015, and provided
further that the amendments to section 2429-b of the public  authorities
law  made  by  section 13 of chapter 3 of the laws of 2004 which amended
this section shall not cease to be of force and effect prior to the time
that full payment of all development corporation  credit  support  obli-
gations has been made or provided for.
  S 6. Section 2 of chapter 172 of the laws of 2002, amending the public
authorities law relating to the powers of the state of New York mortgage

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agency,  as  amended  by  chapter 100 of the laws of 2011, is amended to
read as follows:
  S  2.  This act shall take effect immediately and shall remain in full
force and effect until July 23, [2013] 2015,  whereupon  such  date  the
provisions of this act shall expire and be deemed repealed.
  S 7. This act shall take effect immediately.