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Senate Bill S10442

2025-2026 Legislative Session

Relates to the bonding authority of the New York city housing development corporation

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Current Bill Status Via A11529 - Passed Senate

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2025-S10442 (ACTIVE) - Details

See Assembly Version of this Bill:
A11529
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §656, Priv Hous Fin L

2025-S10442 (ACTIVE) - Summary

Increases the maximum aggregate principal amount of the outstanding notes and bonds of the New York city housing development corporation from twenty billion dollars to twenty-two billion dollars.

2025-S10442 (ACTIVE) - Sponsor Memo

2025-S10442 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10442
 
                             I N  S E N A T E
 
                               May 15, 2026
                                ___________
 
 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 360 of the laws of  2025,  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  [twenty]  TWENTY-TWO
 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-
 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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