S 8235: Increases the bonding authority of the New York city housing development corporation from nineteen billion dollars to twenty billion dollars.

  
  STATE OF NEW YORK ________________________________________________________________________ 8235 2025-2026 Regular Sessions  IN SENATE 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: 1 Section 1. Paragraph c of subdivision 1 of section 656 of the private 2 housing finance law, as amended by chapter 534 of the laws of 2023, is 3 amended to read as follows: 4 c. No bonds or notes of the corporation shall be issued if upon such 5 issuance the aggregate principal amount of bonds and notes of the corpo- 6 ration then outstanding exceeds the lesser of [nineteen] twenty billion 7 dollars or such amount as would cause the maximum capital reserve fund 8 requirement to exceed eighty-five million dollars; provided that, in 9 determining such aggregate principal amounts there shall be deducted (i) 10 all sums then available for the payment of such bonds or notes either at 11 maturity or through the operation of a sinking fund; (ii) the aggregate 12 principal amount of outstanding bonds issued (a) to refund notes and (b) 13 to refund bonds, theretofore issued and then outstanding; and (iii) the 14 aggregate principal amount of outstanding notes issued to renew notes 15 theretofore issued and then outstanding. The provisions of the prior 16 sentence notwithstanding, the corporation shall not issue bonds if such 17 issuance shall cause the maximum reserve fund requirement to exceed 18 thirty million dollars unless prior to such issuance the senate and 19 assembly shall have adopted a concurrent resolution passed by the votes 20 of a majority of all the members elected to each such house and, subse- 21 quent thereto, the governor shall evidence in writing the governor's 22 agreement with such resolution to the chairperson of the corporation, 23 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 1 ance of the bonds, permitting the maximum capital reserve fund require- 2 ment to equal or exceed the amount of the maximum capital reserve fund 3 requirement which would be effective upon the issuance of the bonds in 4 question, but in no event shall the maximum capital reserve fund 5 requirement exceed eighty-five million dollars. 6 § 2. This act shall take effect immediately.