NY State Senate Bill 2025-S8235

Senate Bill S8235

Signed By Governor

2025-2026 Legislative Session

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

download bill text pdf

Current 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 26, 2025	signed chap.360
Aug 22, 2025	delivered to governor
Jun 10, 2025	returned to senate passed assembly ordered to third reading rules cal.541 substituted for a8663 referred to ways and means delivered to assembly passed senate
Jun 04, 2025	ordered to third reading cal.1580 committee discharged and committed to rules
May 27, 2025	referred to housing, construction and community development

Votes

- Jun 10, 2025 - Floor Vote
  S8235
  
  53
  
  Aye
  
  5
  
  Nay
  
  0
  
  Absent
  
  5
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 10, 2025
      
      aye (53)
      
      Ashby
      
      Bailey
      
      Baskin
      
      Borrello
      
      Brisport
      
      Brouk
      
      Bynoe
      
      Canzoneri-Fitzpatrick
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fahy
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Lanza
      
      Liu
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Rivera
      
      Rolison
      
      Ryan
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Webb
      
      Weber
      
      nay (5)
      
      Chan
      
      Rhoads
      
      Stec
      
      Walczyk
      
      Weik
      
      excused (5)
      
      Addabbo Jr.
      
      Murray
      
      Myrie
      
      Ramos
      
      Sutton
      
      The following Member(s) participated via videoconferencing: Brouk Scarcella-Spanton
  Jun 4, 2025 - Rules Committee Vote
  S8235
  
  14
  
  Aye
  
  0
  
  Nay
  
  6
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 4, 2025
      
      aye (14)
      
      Addabbo Jr.
      
      Bailey
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Harckham
      
      Hoylman-Sigal
      
      Krueger
      
      Liu
      
      Mayer
      
      Parker
      
      Sepúlveda
      
      Stewart-Cousins
      
      aye wr (6)
      
      Griffo
      
      Helming
      
      Lanza
      
      O'Mara
      
      Ortt
      
      Stec
      
      excused (1)
      
      Myrie

2025-S8235 (ACTIVE) - Details

See Assembly Version of this Bill:: A8663
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §656, Priv Hous Fin L

2025-S8235 (ACTIVE) - Summary

Increases the bonding authority of the New York city housing development corporation from nineteen billion dollars to twenty billion dollars.

2025-S8235 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8235

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 $19 billion to $20 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 $29 billion in bonds and other
debt obligations.

By the end of December 2024, HDC had approximately $17.3 billion of
bonds sold or outstanding. The Corporation expects to issue approximate-
ly $2.3 billion in bonds during calendar year 2025, and anticipates
exceeding its bonding authority by September 2025.  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.

2025-S8235 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8235
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2025
                                ___________
 
 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 534 of the laws of  2023,  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 [nineteen] TWENTY  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 issuance 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, subse-
 quent thereto, the governor shall evidence  in  writing  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  issu-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13238-01-5

 S. 8235                             2
 
 ance  of the bonds, permitting the maximum capital reserve fund require-
 ment to equal or exceed the amount of the maximum capital  reserve  fund
 requirement  which  would be effective upon the issuance 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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