NY State Senate Bill 2023-S6750

Senate Bill S6750

Signed By Governor

2023-2024 Legislative Session

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

download bill text pdf

Current Bill Status Via A7359 - 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
Oct 23, 2023	signed chap.534
Oct 13, 2023	delivered to governor
Jun 05, 2023	returned to assembly passed senate 3rd reading cal.1394 substituted for s6750
Jun 05, 2023	substituted by a7359
May 30, 2023	ordered to third reading cal.1394 committee discharged and committed to rules
May 15, 2023	reported and committed to finance
May 09, 2023	referred to housing, construction and community development

Votes

- Jun 5, 2023 - Floor Vote
  A7359
  
  60
  
  Aye
  
  1
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 5, 2023
      
      aye (60)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Webb
      
      Weber
      
      Weik
      
      nay (1)
      
      Walczyk
      
      excused (2)
      
      Cooney
      
      Felder
  May 30, 2023 - Rules Committee Vote
  S6750
  
  19
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 30, 2023
      
      aye (19)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Helming
      
      Kennedy
      
      Krueger
      
      Liu
      
      Mayer
      
      O'Mara
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas
      
      aye wr (2)
      
      Lanza
      
      Ortt
  May 15, 2023 - Housing, Construction And Community Development Committee Vote
  S6750
  
  9
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: May 15, 2023
      
      aye (9)
      
      Borrello
      
      Brisport
      
      Cleare
      
      Jackson
      
      Kavanagh
      
      May
      
      Myrie
      
      Rivera
      
      Salazar
      
      aye wr (2)
      
      Helming
      
      Martins

2023-S6750 (ACTIVE) - Details

See Assembly Version of this Bill:: A7359
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §656, Priv Hous Fin L

2023-S6750 (ACTIVE) - Summary

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

2023-S6750 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6750

SPONSOR: CHU
 
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 $18 billion to $19 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 208,000 housing units using over $32 billion in bonds and other
debt obligations.

By the end of December 2022, HDC had approximately $15.2 billion of
bonds sold or outstanding. The Corporation expects to issue approximate-
ly $2.4 billion in bonds during calendar year 2023, and anticipates
exceeding its bonding authority by June 2024. 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 creating of new housing that serves
some of the most vulnerable New Yorkers, including our aging seniors,
formerly homeless, and lowest-income households; preserving the afforda-
bility and long-term financial and physical health of the existing
affordable housing stock, including the City's Mitchell-Lama develop-
ments; and 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.

2023-S6750 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6750
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                May 9, 2023
                                ___________
 
 Introduced  by  Sen. CHU -- (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 546 of the laws of 2022, 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  [eighteen] NINETEEN
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11208-01-3

 S. 6750                             2
 
 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-
 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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