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.
