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

                                  7912

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 29, 2015
                               ___________

Introduced  by M. of A. WRIGHT -- (at request of the Division of Housing
  & Community Renewal) -- read once and referred  to  the  Committee  on
  Housing

AN  ACT  to  amend  the  private housing finance law, in relation to the
  powers of the New York state housing finance agency, with relation  to
  an  increase  in  bond and note authorization; 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 and 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, 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  infras-
  tructure  trust  fund,  in  relation to the effective date thereof; 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; to amend chapter 208
  of the laws of 2010 amending the public authorities  law  relating  to
  the  powers  of  the state of New York mortgage agency, in relation to
  extending the provisions thereof; and to amend chapter 246 of the laws
  of 2010 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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09543-04-5

              

A. 7912                             2

  Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
housing  finance  law, as amended by chapter 283 of the laws of 2014, 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 [eighteen] TWENTY-ONE billion seven
hundred eighty million dollars, excluding  bonds  and  notes  issued  to
refund outstanding bonds and notes.
  S  2.  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 152 of the  laws  of
2013, is amended to read as follows:
  S  6.  This act shall take effect immediately and shall remain in full
force and effect until July 23, [2015] 2017 at which time  it  shall  be
repealed.
  S  3.  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 mutli-family housing, as amended by chapter 152 of the  laws  of
2013, is amended 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, [2015] 2017 at which time such sections  shall  be
repealed.
  S 4. 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 152 of the laws of 2013, 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,
[2015]  2017, 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 5. Section 2407 of the public authorities law, as amended by chapter
152 of the laws of 2013, 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)

A. 7912                             3

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
[fifteen]  SEVENTEEN,  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
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 [fifteen] SEVENTEEN, 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.

A. 7912                             4

  S 6. 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  152  of  the  laws  of
2013, 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, [2015] 2017, 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, [2015] 2017, 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 obligations
has been made or provided for.
  S 7. 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
agency,  as  amended  by  chapter 152 of the laws of 2013, 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, [2015] 2017, whereupon such date the
provisions of this act shall expire and be deemed repealed.
  S 8. Section 4 of chapter 208 of the laws of 2010 amending the  public
authorities law relating to the powers of the state of New York mortgage
agency,  as  amended  by  chapter 280 of the laws of 2014, is amended to
read as follows:
  S 4. This act shall take effect immediately, provided that the  amend-
ments  to  subdivision  5  of section 2402 of the public authorities law
made by section one of this act shall be subject to the  expiration  and
reversion  of  such subdivision pursuant to section 16 of chapter 915 of
the laws of 1982, as amended, when upon  such  date  the  provisions  of
section  two  of  this act shall take effect; further provided that this
act shall expire and be deemed repealed July 23, [2015] 2017.
  S 9. Section 5 of chapter 246 of the laws of 2010 amending the  public
authorities law relating to the powers of the state of New York mortgage
agency, as amended by chapter 68 of the laws of 2014, is amended to read
as follows:
  S  5.  This  act shall take effect immediately and shall expire and be
deemed repealed  on and after July 23, [2015] 2017;  provided,  however,
that the amendments to paragraph (c) of subdivision 8 of section 2428 of
the  public  authorities  law  made by section two of this act shall not
affect the expiration of such subdivision and shall be deemed to  expire
therewith.
  S 10. This act shall take effect immediately.