NY State Senate Bill 2021-S6975

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 01, 2021	signed chap.232
Jun 24, 2021	delivered to governor
Jun 07, 2021	returned to senate passed assembly
Jun 03, 2021	ordered to third reading rules cal.386 substituted for a7610
Jun 01, 2021	referred to ways and means delivered to assembly passed senate
May 24, 2021	ordered to third reading cal.1318 committee discharged and committed to rules
May 20, 2021	referred to housing, construction and community development

Votes

- Jun 1, 2021 - Floor Vote
  S6975
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 1, 2021
      
      aye (63)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
  May 24, 2021 - Rules Committee Vote
  S6975
  
  18
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 24, 2021
      
      aye (18)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      Parker
      
      Savino
      
      Stewart-Cousins
      
      aye wr (3)
      
      O'Mara
      
      Ortt
      
      Ritchie

2021-S6975 (ACTIVE) - Details

See Assembly Version of this Bill:: A7610
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §47, Priv Hous Fin L; amd §6, Chap 514 of 1983; amd §7, Chap 396 of 1984; amd §16, Chap 915 of 1982; amd §2407, Pub Auth L; amd §19, Chap 555 of 1989; amd §2, Chap 172 of 2002; amd §4, Chap 208 of 2010; amd §5, Chap 246 of 2010

2021-S6975 (ACTIVE) - Summary

Relates to the powers of the New York state housing finance agency.

2021-S6975 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6975

SPONSOR: KAVANAGH
 
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 and 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 and
the New York city housing development corporation to finance certain
multi-family housing, in relation to the effectiveness thereof; to amend
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 thereof; 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 effectiveness
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 effectiveness 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 the effectiveness 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 the effectiveness 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 the effective-
ness thereof

 
PURPOSE OF THE BILL:

This bill extends certain statutory authorizations of the New York State
Housing Finance Agency ("FIFA"), the State of New York Mortgage Agency
("SONYMA"), the New York City Housing Development Corporation ("HDC")
and the SONYMA Mortgage Insurance Fund ("MIF"). This bill also increases
the bonding authority of FIFA by $2 billion.

 
SUMMARY OF PROVISIONS:

Section 1 of the bill amends paragraph c of subdivision 1 of Private
Housing Finance Law § 47, as amended by section 1 of chapter 27 of the
laws of 2019 to increase HFA's bonding authority to $3138 billion.

Section 2 of the bill amends section 6 of chapter 514 of the Laws of
1984, as amended by section 2 of chapter 127 of the Laws of 2019, to
amend the expiration date of subdivision 23 of Private Hosting Finance
Law § 42, the expiration date of subdivision 14 of Private Housing
Finance Law § 652 to July 23, and the repeal date of subdivision 23-c of
Private Housing Finance Law § 654 to July 23, 2023.

Section 3 of the bill amends section 7 of chapter 396 of the Laws of
1984, as amended by section 3 of chapter 127 of the Laws of 2019, to
amend the repeal date of subdivision 2-a of Private Housing Finance Law
§ 41, the repeal date of subdivision 24 of Private Housing Finance Law §
42, the repeal date of subdivision 29-a of Private Housing Finance Law §

44, and the expiration date of Private Housing Finance Law § 56 to July
23, 2023.

Section 4 of the bill amends section 16 of chapter 915 of the Laws of
1984, as amended by section 4 of chapter 127 of the Laws of 2019, to
amend the expiration or repeal dates of paragraphs I and 4 of Public
'Authorities Law § 2401; subdivisions 2, 5, 11, 12, and 14 of Public
Authorities Law § 2402; subdivision 7 of Public Authorities Law § 2404;
the heading and subdivisions 1, 2, 3(a), 4, 5, 6, 7, 7(c), 7(h), 8, 9,
10, and 1 I of Public Authorities Law § 2405; Public Authorities Law §
2405-B; and Public Authorities Law § 2405-C to July 23, 2023.

Section 5 of the bill amends section 2407 of the Public Authorities Law,
as amended by section 5 of ò chapter 127 of the Laws of 2019, to extend
the bonding authority of the State of New York Mortgage Agency to July
23, 2023.

Section 6 of the bill amends section 19 of chapter 555 of the Laws of
1989, as amended by section 6 of chapter 127 of the Laws of 2019 to
amend the expiration or repeal dates of paragraph 9 of Public Authori-
ties Law § 2425, subdivision 2 of Public Authorities Law § 2427, subdi-
visions 1-a, 3, 3-a, 4, 7(a), and 8 of Public Authorities Law § 2428;
and subdivision I of Public Authorities Law § 2429-C to July 23, 2023.

Section 7 of the bill amends section 2 of chapter 172 of the Laws of
2002, as amended by section 7 of chapter 127 of the Laws of 2019 to
amend the expiration date of subdivision 12 of Public Authorities Law §
2426 to July 23, 2023.

Section 8 of the bill amends section 10 of chapter 208 of the Laws of
2010, as amended by section 8 of chapter 127 of the Laws of 2019, to
amend the expiration or repeal dates of subdivisions Sand 17 of Public
Authorities Law § 2402 to July 23, 2023.

Section 9 of the bill amends section 5 of chapter 246 of the Laws of
2010, as amended by section 9 of chapter 127 of the Laws of 2019, to
amend the expiration or repeal dates of subdivision 2-a and paragraph c
of subdivision 8 of Public Authorities Law . 2428 to July 23, 2023.

Section 10 of the bill provides for an immediate effective date.

 
EXISTING LAW:

This bill is an extender of current law, save for section 1, relating to
bonding authority increases.

 
JUSTIFICATION:

Etenders

This bill extends until July 23, 2023 the program authorities and bond
issuing authority of HFA, SONYMA and HDC, and also extends certain
programmatic authorities of SONYMA's Mortgage Insurance Fund. HFA and
HDC are the principal multi-family housing agencies serving the State
and New York City, and together are responsible for more multi-family
housing bond financings than any other agencies in the country.
SONYMA's is the state's only issuer of single-family housing bonds and
provides mortgage financing to low- and- moderate income first-time
homebuyers. SONYMA's Mortgage Insurance Fund provides mortgage insur-
ance, including pool insurance, for SONYMA's programs and also provides
project insurance on multi-family mortgage loans made by HFA, HDC and
other issuers in the state.

HFA Bonding Authority

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 FIFA's authority to issue
bonds by $2 billion, which will enable it to continue to meet the hous-
ing demands of New Yorkers, as well as help-create jobs and provide
economic stimulus.

 
PRIOR LEGISLATIVE HISTORY:

All provisions were previously extended or modified by Chapter 27 of the
Laws of 2019.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
Immediate.

2021-S6975 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6975
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 20, 2021
                                ___________
 
 Introduced  by  Sen. KAVANAGH -- (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
   Community Development
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   powers of the New York state housing finance agency and 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
   and  the  New  York  city  housing  development corporation to finance
   certain multi-family housing, in relation to the effectiveness  there-
   of;  to  amend  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 thereof; 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 effectiveness thereof; to amend the public authori-
   ties 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 effectiveness
   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  mort-
   gage  agency, in relation to the effectiveness thereof; to amend chap-
   ter 208 of the laws of 2010 amending the public authorities law relat-
   ing to the powers of  the  state  of  New  York  mortgage  agency,  in
   relation to the effectiveness 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  the
   effectiveness 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.
                                                            LBD09600-01-1

 S. 6975                             2
 
   Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
 housing finance law, as amended by chapter 127 of the laws of  2019,  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  [twenty-nine]  THIRTY-ONE  billion
 two  hundred eighty million dollars, excluding bonds and notes issued to
 refund outstanding bonds and notes.
   § 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 and the New York
 city housing development corporation  to  finance  certain  multi-family
 housing,  as  amended  by chapter 127 of the laws of 2019, is amended to
 read as follows:
   § 6. This act shall take effect immediately and shall remain  in  full
 force  and  effect  until July 23, [2021] 2023 at which time it shall be
 repealed.
   § 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  multi-family  housing, as amended by chapter 127 of the laws of
 2019, is amended to read as follows:
   § 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, [2021] 2023 at which time such sections shall be
 repealed.
   § 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 127 of the laws of  2019,  is  amended  to
 read as follows:
   §  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,
 [2021] 2023, 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.
   § 5. Section 2407 of the public authorities law, as amended by chapter
 127 of the laws of 2019, is amended to read as follows:
   §  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)

 S. 6975                             3
 
 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 [twen-
 ty-one]  TWENTY-THREE,  excluding  bonds  and  notes  issued  to  refund
 outstanding  bonds  and  notes.  No  more  than  one  billion dollars of
 proceeds of bonds or notes issued by the agency pursuant to this  subdi-
 vision  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 one billion 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 [twenty-one] TWENTY-THREE, 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,  provided  that
 notwithstanding  the  foregoing,  the  maximum  income limits of persons
 eligible to receive mortgages financed by the agency under its neighbor-
 hood revitalization program (and any successor program) shall not exceed
 one hundred fifty percent of the latest maximum income limits  permitted

 S. 6975                             4
 
 under  the  Internal  Revenue  Code  of 1986, as amended, for mortgagors
 financed by mortgage revenue bonds.
   (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.
   § 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 127 of the laws of
 2019, is amended to read as follows:
   § 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, [2021] 2023, 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, [2021] 2023, 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.
   §  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 127 of the laws of  2019,  is  amended  to
 read as follows:
   §  2.  This act shall take effect immediately and shall remain in full
 force and effect until July 23, [2021] 2023,  whereupon  such  date  the
 provisions of this act shall expire and be deemed repealed.
   §  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 127 of the laws of  2019,  is  amended  to
 read as follows:
   §  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, [2021] 2023.
   §  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 127 of the laws of  2019,  is  amended  to
 read as follows:
   §  5.  This  act shall take effect immediately and shall expire and be
 deemed repealed  on and after July 23, [2021] 2023;  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.
   § 10. This act shall take effect immediately.

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Senate Bill S6975

Sponsored By

Archive: Last Bill Status - Signed by Governor

Jun 1, 2021 - Floor Vote

Floor Vote: Jun 1, 2021

May 24, 2021 - Rules Committee Vote

Rules Committee Vote: May 24, 2021

2021-S6975 (ACTIVE) - Details

2021-S6975 (ACTIVE) - Summary

2021-S6975 (ACTIVE) - Sponsor Memo

2021-S6975 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6975

Share this bill

Sponsored By

Brian Kavanagh

Archive: Last Bill Status - Signed by Governor

2021-S6975 (ACTIVE) - Details

2021-S6975 (ACTIVE) - Summary

2021-S6975 (ACTIVE) - Sponsor Memo

2021-S6975 (ACTIVE) - Bill Text download pdf

Comments