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.
STATE OF NEW YORK
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10442
IN SENATE
May 15, 2026
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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 360 of the laws of 2025, 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 [twenty] twenty-two
7 billion dollars or such amount as would cause the maximum capital
8 reserve fund requirement to exceed eighty-five million dollars; provided
9 that, in determining such aggregate principal amounts there shall be
10 deducted: (i) all sums then available for the payment of such bonds or
11 notes either at maturity or through the operation of a sinking fund;
12 (ii) the aggregate principal amount of outstanding bonds issued: (a) to
13 refund notes; and (b) to refund bonds, theretofore issued and then
14 outstanding; and (iii) the aggregate principal amount of outstanding
15 notes issued to renew notes theretofore issued and then outstanding. The
16 provisions of the prior sentence notwithstanding, the corporation shall
17 not issue bonds if such issuance shall cause the maximum reserve fund
18 requirement to exceed thirty million dollars unless prior to such issu-
19 ance the senate and assembly shall have adopted a concurrent resolution
20 passed by the votes of a majority of all the members elected to each
21 such house and, subsequent thereto, the governor shall evidence in writ-
22 ing the governor's agreement with such resolution to the chairperson of
23 the corporation, which resolution shall be in full force and effect on
24 the date of issuance of the bonds, permitting the maximum capital
25 reserve fund requirement to equal or exceed the amount of the maximum
26 capital reserve fund requirement which would be effective upon the issu-
27 ance of the bonds in question, but in no event shall the maximum capital
28 reserve fund requirement exceed eighty-five million dollars.
29 § 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
