NY State Senate Bill 2021-S9297

Senate Bill S9297

Signed By Governor

2021-2022 Legislative Session

Increases the bonding authority of the New York City 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
Aug 17, 2022	signed chap.546
Aug 05, 2022	delivered to governor
Jun 01, 2022	returned to senate passed assembly
May 24, 2022	ordered to third reading rules cal.391 substituted for a10228
May 23, 2022	referred to ways and means delivered to assembly passed senate
May 16, 2022	ordered to third reading cal.1406 committee discharged and committed to rules
May 13, 2022	referred to housing, construction and community development

Votes

- May 23, 2022 - Floor Vote
  S9297
  
  60
  
  Aye
  
  1
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: May 23, 2022
      
      aye (60)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Cleare
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
      
      nay (1)
      
      Martucci
      
      excused (2)
      
      Brouk
      
      Sanders Jr.
  May 16, 2022 - Rules Committee Vote
  S9297
  
  18
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 16, 2022
      
      aye (18)
      
      Addabbo Jr.
      
      Bailey
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Mayer
      
      O'Mara
      
      Parker
      
      Ritchie
      
      Savino
      
      Sepúlveda
      
      Stewart-Cousins
      
      aye wr (3)
      
      Lanza
      
      Liu
      
      Ortt

2021-S9297 (ACTIVE) - Details

See Assembly Version of this Bill:: A10228
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §656, Priv Hous Fin L

2021-S9297 (ACTIVE) - Summary

Increases the bonding authority of the New York city housing development corporation.

2021-S9297 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9297

SPONSOR: KAVANAGH
 
TITLE OF BILL:

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

 
SUMMARY OF PROVISIONS:

Section one of this bill would authorize the New York City Housing
Development Corporation ("HDC" or the "Corporation") to increase the
maximum aggregate principal amount of its outstanding notes and bonds
from $17 billion to $18 billion.

Section two would provide that this bill takes effect immediately.

 
REASONS FOR SUPPORT:

HDC is the nation's largest municipal housing finance agency and annual-
ly ranks among the nation's top issuers of mortgage revenue bonds for

affordable multi-family housing. HDC is responsible for issuing tax-ex-
empt, taxable, and recycled tax-exempt bonds in order to advance the
City's affordable housing priorities. Since 2003, HDC has financed more
than 201,000 housing units using over $28 billion in bonds and other
debt obligations.

By the end of December 2021, HDC had approximately $14.6 billion of
bonds sold or outstanding. The Corporation expects to issue approximate-
ly $2.95 billion in bonds during calendar year 2022, and anticipates
exceeding its bonding authority by December 2022.  Increasing HDC's
bonding authority by $1 billion is necessary to ensure that HDC is able
to continue financing affordable housing in New York City. An increase
to HDC's bond cap will enable HDC to continue its mission to expand and
preserve the City's supply of affordable and public housing, which is
more critical than ever in the wake of the pandemic.

HDC bond issuances are crucial to the creation of new housing that
serves some of the most vulnerable New Yorkers, including our aging
seniors, formerly homeless, and lowest-income households; to preserving
the affordability and long-term financial and physical health of the
existing affordable housing stock, including the City's Mitchell-Lama
developments; and to investing in much-needed improvements to the City's
aging public housing, while ensuring lasting protections for residents.

The City has long faced a dire affordable housing crisis, resulting in a
lengthy pipeline of housing projects in need of financing. As the City's
affordable housing needs continue to grow, HDC requires regular
increases to its bonding authority. The $1 billion increase sought this
year will support the creation and preservation of much-needed afforda-
ble rental and homeownership opportunities, while further helping to
stimulate a recovering economy through job creation.

Accordingly, the Mayor urges the earliest possible favorable consider-
ation of this proposal by the Legislature.

Respectfully submitted,

CHRISTOPHER G. ELLIS, Jr. Director

2021-S9297 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9297
 
                             I N  S E N A T E
 
                               May 13, 2022
                                ___________
 
 Introduced  by  Sen.  KAVANAGH -- (at request of the NYC H.P.D.) -- 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 598 of the laws of  2021,  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  [seventeen]  EIGHTEEN
 billion  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
 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD15784-01-2
 S. 9297                             2
 
 ance of the bonds in question, but in no event shall the maximum capital
 reserve fund requirement exceed eighty-five million dollars.
   § 2. This act shall take effect immediately.

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