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

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11529
 
                           I N  A S S E M B L Y
 
                               May 29, 2026
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Hooks) --
   read once and referred to the Committee on Ways and Means
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15927-01-6