S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7209
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 15, 2023
                                ___________
 
 Introduced by M. of A. L. ROSENTHAL -- (at request of the New York State
   Homes  and Community Renewal) -- read once and referred to the Commit-
   tee 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 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 infras-
   tructure 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 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.
                                                            LBD06780-01-3
 A. 7209                             2
 
              

   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 and the New York
 city  housing  development  corporation  to finance certain multi-family
 housing,  as  amended  by chapter 232 of the laws of 2021, is amended to
 read as follows:
   § 6. This act shall take effect immediately and shall remain  in  full
 force  and  effect  until July 23, [2023] 2025 at which time it shall be
 repealed.
   § 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 232 of the laws of
 2021, 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, [2023] 2025 at which time such sections shall be
 repealed.
   § 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 232 of the laws of  2021,  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,
 [2023] 2025, 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.
   § 4. Section 2407 of the public authorities law, as amended by chapter
 232  of  the laws of 2021 and subdivision 2 as amended by chapter 704 of
 the laws of 2022, 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] SEVEN hundred twenty million dollars,
 excluding 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  [twen-
 ty-three]  TWENTY-FIVE,  excluding  bonds  and  notes  issued  to refund
 outstanding bonds and  notes.  No  more  than  one  billion  dollars  of
 A. 7209                             3

 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  five  hundred  million
 dollars,  excluding  from  such  limitation  bonds, notes or other obli-
 gations 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-three]  TWENTY-FIVE,
 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  subdivision.  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  permitted  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 neighborhood revitalization  program  (and  any  successor  program)
 shall  not exceed one hundred fifty percent of the latest maximum income
 limits permitted 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.
   § 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 232 of the laws of
 2021, 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, [2023] 2025, on which date the provisions of the
 A. 7209                             4
 
 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, [2023] 2025, 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.
   §  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
 agency, as amended by chapter 232 of the laws of  2021,  is  amended  to
 read as follows:
   §  2.  This act shall take effect immediately and shall remain in full
 force and effect until July 23, [2023] 2025,  whereupon  such  date  the
 provisions of this act shall expire and be deemed repealed.
   §  7. 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 232 of the laws of  2021,  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, [2023] 2025.
   §  8. 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 232 of the laws of  2021,  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, [2023] 2025;  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.
   § 9. This act shall take effect immediately.