New York State Assembly

 
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A08571 Summary:

A08571 Actions:

A08571 Committee Votes:

Committee:HOUSING   Chair:Rosenthal      
DATE:05/28/2025AYE/NAY:27/0  Action: Favorable refer to committee Ways and Means        
Rosenthal
Aye
Novakhov
Aye
Cook
Aye
Fitzpatrick
Aye
Kim
Aye
Brown K 
Aye
Walker
Aye
Brown EA
Aye
Bichotte Hermel
Aye
Brook-Krasny
Aye
Davila
Excused
Chang
Aye
Epstein
Aye
Maher
Aye
Eichenstein
Aye
Norber
Aye
Meeks
Aye
Burdick
Aye
Rivera
Aye
Jackson
Aye
Kelles
Aye
Tapia
Aye
Lucas
Aye
Chandler-Waterm
Aye
Lee
Aye
Levenberg
Aye
Dais
Aye
Torres
Aye

Committee:WAYS AND MEANS   Chair:Pretlow      
DATE:06/04/2025AYE/NAY:31/2  Action: Favorable refer to committee Rules        
Pretlow
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Colton
Aye
Hawley
Aye
Cook
Aye
Blankenbush
Aye
Benedetto
Aye
Palmesano
Aye
Weprin
Aye
Walsh
Aye
Ramos
Excused
DeStefano
Nay
Braunstein
Aye
Manktelow
Nay
McDonald
Aye
Smullen
Aye
Rozic
Aye
Giglio
Aye
Dinowitz
Aye
Magnarelli
Absent
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye
Simon
Aye
Cruz
Aye
Otis
Aye
Solages
Aye
Hunter
Aye
Epstein
Aye
Septimo
Aye

Committee:RULES   Chair:Pretlow      
DATE:06/06/2025AYE/NAY:27/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Pretlow
Aye
Hawley
Aye
Cook
Aye
Blankenbush
Aye
Glick
Excused
Ra
Aye
Dinowitz
Aye
Brabenec
Aye
Colton
Aye
Palmesano
Aye
Magnarelli
Excused
Reilly
Aye
Paulin
Aye
Smith
Excused
Peoples-Stokes
Aye
Jensen
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Braunstein
Aye
Davila
Aye
Hyndman
Aye
Rozic
Aye
Bronson
Aye
Hevesi
Aye
Hunter
Aye
Taylor
Aye
Cruz
Aye
Vanel
Aye

A08571 Floor Votes:

A08571 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8571
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 20, 2025
                                       ___________
 
        Introduced  by  M.  of A. ROSENTHAL -- (at request of the New York State
          Homes and Community Renewal) -- read once and referred to the  Commit-
          tee on Housing
 
        AN  ACT  to  amend  chapter 514 of the laws of 1983 amending the private
          housing finance law and the real property  tax  law  relating  to  the
          powers  of  the New York state housing finance agency and the New York
          city housing development corporation to finance  certain  multi-family
          housing,  in  relation  to the effectiveness thereof; to amend chapter
          396 of the laws of 1984 amending the private housing finance  law  and
          the real property tax law relating to the powers of the New York state
          housing  finance  agency  to  finance certain multi-family housing, in
          relation to the effectiveness thereof; to amend  chapter  915  of  the
          laws  of  1982  amending  the  public  authorities law relating to the
          powers of the state of New York mortgage agency, in  relation  to  the
          effectiveness  thereof;  to  amend  the  public  authorities  law,  in
          relation to the powers of the state of New York  mortgage  agency;  to
          amend  chapter 555 of the laws of 1989 amending the public authorities
          law and other laws relating to establishing a New York  state  infras-
          tructure  trust  fund,  in  relation  to the effectiveness thereof; to
          amend chapter 172 of the laws of 2002, amending the public authorities
          law relating to the powers of the state of New York  mortgage  agency,
          in  relation to the effectiveness thereof; to amend chapter 208 of the
          laws of 2010 amending the  public  authorities  law  relating  to  the
          powers  of  the  state of New York mortgage agency, in relation to the
          effectiveness thereof; and to amend chapter 246 of the  laws  of  2010
          amending  the  public  authorities  law  relating to the powers of the
          state of New York mortgage agency, in relation  to  the  effectiveness
          thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10187-01-5
        A. 8571                             2
 
     1    Section 1. Section 6 of chapter 514 of the laws of 1983, amending  the
     2  private  housing  finance  law and the real property tax law relating to
     3  the powers of the New York state housing finance agency and the New York
     4  city housing development corporation  to  finance  certain  multi-family
     5  housing,  as  amended  by chapter 205 of the laws of 2023, is amended to
     6  read as follows:
     7    § 6. This act shall take effect immediately and shall remain  in  full
     8  force  and  effect  until July 23, [2025] 2027 at which time it shall be
     9  repealed.
    10    § 2. Section 7 of chapter 396  of  the  laws  of  1984,  amending  the
    11  private  housing  finance  law and the real property tax law relating to
    12  the powers of the New York  state  housing  finance  agency  to  finance
    13  certain  multi-family  housing, as amended by chapter 205 of the laws of
    14  2023, is amended to read as follows:
    15    § 7. This act shall take effect immediately, except that sections one,
    16  three, four, five and six of this act shall remain  in  full  force  and
    17  effect  until  July 23, [2025] 2027 at which time such sections shall be
    18  repealed.
    19    § 3. Section 16 of chapter 915 of the laws of 1982 amending the public
    20  authorities law relating to the powers of the state of New York mortgage
    21  agency, as amended by chapter 205 of the laws of  2023,  is  amended  to
    22  read as follows:
    23    §  16.  This  act shall take effect immediately except that the amend-
    24  ments to law effected by sections  one  through  ten  of  this  act,  as
    25  amended,  shall  cease  to  be of force and effect on and after July 23,
    26  [2025] 2027, on which date the provisions of the public authorities  law
    27  amended by such sections shall be as they were in force and effect imme-
    28  diately prior to this act taking effect.
    29    § 4. Section 2407 of the public authorities law, as amended by chapter
    30  205 of the laws of 2023, is amended to read as follows:
    31    §  2407.  Bond limits. (1) Except for notes issued in nineteen hundred
    32  seventy and nineteen hundred seventy-one, the  agency  shall  not  issue
    33  bonds  and  notes,  the  interest  on which is not included in the gross
    34  income of the holders of the bonds and notes  under  the  United  States
    35  Internal Revenue Code of 1986, as amended, or any subsequent correspond-
    36  ing internal revenue law of the United States, in an aggregate principal
    37  amount  exceeding  ten  billion  [seven]  nine  hundred  twenty  million
    38  dollars, excluding from such limitation  (a)  an  amount  equal  to  any
    39  original  issue discount from the principal amount of any bonds or notes
    40  issued, (b) bonds and notes  issued  to  refund  outstanding  bonds  and
    41  notes,  and  (c)  bonds and notes not described in paragraph (b) of this
    42  subdivision issued to refund outstanding bonds and notes  in  accordance
    43  with  the  provisions  of  the  Internal Revenue Code of 1986 or the Tax
    44  Reform Act of 1986, as amended,  where  such  bonds  or  notes  are  not
    45  included  in  the  statewide  volume  cap on private purpose bonds under
    46  section 146 of such code provided,  however,  that  upon  any  refunding
    47  pursuant  to  this  paragraph or paragraph (b) of this subdivision, such
    48  exclusion shall apply only to the extent that the amount of the  refund-
    49  ing  bonds  or  notes  does not exceed (i) the outstanding amount of the
    50  refunded bonds or notes, plus (ii) to the extent permitted by applicable
    51  federal tax law, costs of issuance of the refunding bonds or notes to be
    52  financed from the proceeds of the refunding bonds or  notes.    No  such
    53  bond  or  note  shall  be  issued by the agency on or after July twenty-
    54  third, two thousand  [twenty-five]  twenty-seven,  excluding  bonds  and
    55  notes  issued  to refund outstanding bonds and notes. No more than [one]
    56  two billion four hundred million dollars of proceeds of bonds  or  notes
        A. 8571                             3

     1  issued  by  the  agency  pursuant  to this subdivision shall be used for
     2  mortgage purposes by blending with proceeds of bonds issued pursuant  to
     3  subdivision two of this section.
     4    (2)  In  connection  with  the  issuance  of  bonds for the purpose of
     5  furthering programs described in this title, the agency is authorized to
     6  covenant and consent that the interest on any of  its  bonds,  notes  or
     7  other  obligations shall be includable, under the United States Internal
     8  Revenue Code of 1986, as amended or any subsequent corresponding  inter-
     9  nal revenue law of the United States, in the gross income of the holders
    10  of the bonds to the same extent and in the same manner that the interest
    11  on  bills,  bonds,  notes  or  other obligations of the United States is
    12  includable in the gross income of the holders thereof under said  Inter-
    13  nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
    14  sion, the agency shall not issue bonds, notes or other obligations in an
    15  aggregate principal amount exceeding one  billion  [five]  nine  hundred
    16  fifty  million  dollars,  excluding from such limitation bonds, notes or
    17  other obligations issued to refund outstanding  bonds,  notes  or  other
    18  obligations.  No  such bond, note or other obligation shall be issued by
    19  the agency on or after July  twenty-third,  two  thousand  [twenty-five]
    20  twenty-seven,  excluding  bonds,  notes  or  other obligations issued to
    21  refund outstanding bonds, notes or other obligations  and  no  mortgages
    22  shall be purchased with the proceeds of such bonds, notes or other obli-
    23  gations  after  such  date.  The  board of directors of the agency shall
    24  establish program guidelines for purposes of bonds, notes or other obli-
    25  gations issued pursuant to this  subdivision.  The  board  of  directors
    26  shall  establish  from  time  to  time  maximum income limits of persons
    27  eligible to receive mortgages financed by bonds, notes  or  other  obli-
    28  gations  issued  pursuant  to this subdivision, which income limits with
    29  respect to one-third of the total principal amount of mortgages  author-
    30  ized  to be so financed shall not exceed one hundred twenty-five percent
    31  of the latest maximum income limits permitted under the Internal Revenue
    32  Code of 1986, as amended, for mortgagors financed  by  mortgage  revenue
    33  bonds,  with respect to one-third of such principal amount authorized to
    34  be so financed, shall not exceed one hundred thirty-five percent of such
    35  income limits, and with respect to one-third of  such  principal  amount
    36  authorized to be so financed, shall not exceed one hundred fifty percent
    37  of such limits, provided that notwithstanding the foregoing, the maximum
    38  income  limits  of persons eligible to receive mortgages financed by the
    39  agency under its neighborhood revitalization program (and any  successor
    40  program)  shall not exceed one hundred fifty percent of the latest maxi-
    41  mum income limits permitted under the Internal Revenue Code of 1986,  as
    42  amended, for mortgagors financed by mortgage revenue bonds.
    43    (3)  The fixing of the statutory maximums in this section shall not be
    44  construed as constituting a contract between the agency and the  holders
    45  of  its bonds or notes that additional bonds and notes may not be issued
    46  subsequently by the agency in the event  that  such  statutory  maximums
    47  shall subsequently be increased by law.
    48    § 5. Section 19 of chapter 555 of the laws of 1989 amending the public
    49  authorities law and other laws relating to establishing a New York state
    50  infrastructure  trust  fund,  as  amended  by chapter 205 of the laws of
    51  2023, is amended to read as follows:
    52    § 19. This act shall take effect immediately and shall  be  deemed  to
    53  have  been  in full force and effect on and after June 15, 1989 provided
    54  that the amendments to law effected by sections  six  and  nine  through
    55  seventeen of this act, as amended, shall cease to be of force and effect
    56  on  and  after July 23, [2025] 2027, on which date the provisions of the
        A. 8571                             4
 
     1  public authorities law amended by such sections shall be as they were in
     2  force and effect immediately  prior  to  this  act  taking  effect,  and
     3  provided however that the amendments to law effected by sections six and
     4  nine  through seventeen of this act, as amended, shall continue to apply
     5  to all commitments issued or policies or development corporation  credit
     6  support in force on or before July 23, [2025] 2027, and provided further
     7  that the amendments to section 2429-b of the public authorities law made
     8  by  section  13  of  chapter  3  of  the laws of 2004 which amended this
     9  section shall not cease to be of force and effect prior to the time that
    10  full payment of all development corporation credit  support  obligations
    11  has been made or provided for.
    12    §  6. Section 2 of chapter 172 of the laws of 2002 amending the public
    13  authorities law relating to the powers of the state of New York mortgage
    14  agency, as amended by chapter 205 of the laws of  2023,  is  amended  to
    15  read as follows:
    16    §  2.  This act shall take effect immediately and shall remain in full
    17  force and effect until July 23, [2025] 2027,  whereupon  such  date  the
    18  provisions of this act shall expire and be deemed repealed.
    19    §  7. Section 4 of chapter 208 of the laws of 2010 amending the public
    20  authorities law relating to the powers of the state of New York mortgage
    21  agency, as amended by chapter 205 of the laws of  2023,  is  amended  to
    22  read as follows:
    23    §  4. This act shall take effect immediately, provided that the amend-
    24  ments to subdivision 5 of section 2402 of  the  public  authorities  law
    25  made  by  section one of this act shall be subject to the expiration and
    26  reversion of such subdivision pursuant to section 16 of chapter  915  of
    27  the  laws  of  1982,  as  amended, when upon such date the provisions of
    28  section two of this act shall take effect; further  provided  that  this
    29  act shall expire and be deemed repealed July 23, [2025] 2027.
    30    §  8. Section 5 of chapter 246 of the laws of 2010 amending the public
    31  authorities law relating to the powers of the state of New York mortgage
    32  agency, as amended by chapter 205 of the laws of  2023,  is  amended  to
    33  read as follows:
    34    §  5.  This  act shall take effect immediately and shall expire and be
    35  deemed repealed  on and after July 23, [2025] 2027;  provided,  however,
    36  that the amendments to paragraph (c) of subdivision 8 of section 2428 of
    37  the  public  authorities  law  made by section two of this act shall not
    38  affect the expiration of such subdivision and shall be deemed to  expire
    39  therewith.
    40    § 9. This act shall take effect immediately.