New York State Assembly

 
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A10223 Summary:

A10223 Actions:

A10223 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/11/2022AYE/NAY:35/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Nolan
Aye
Hawley
Aye
Pretlow
Aye
Montesano
Aye
Colton
Aye
Blankenbush
Aye
Cook
Aye
Norris
Aye
Cahill
Aye
Brabenec
Aye
Aubry
Aye
Palmesano
Aye
Cusick
Aye
Byrne
Aye
Benedetto
Aye
Ashby
Aye
Weprin
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye

Committee:HOUSING   Chair:Cymbrowitz      
DATE:05/11/2022AYE/NAY:26/2  Action: Favorable refer to committee Ways and Means        
Cymbrowitz
Aye
Fitzpatrick
Aye
Cook
Aye
Smith
Aye
Rosenthal
Aye
Byrnes
Aye
Kim
Aye
Reilly
Aye
Walker
Aye
Schmitt
Nay
Joyner
Aye
Brown
Aye
Dilan
Aye
Jensen
Aye
Bichotte Hermel
Aye
Lawler
Nay
Davila
Aye
Niou
Aye
Taylor
Aye
Epstein
Aye
Eichenstein
Aye
Meeks
Aye
Burdick
Aye
Rivera
Aye
Jackson
Aye
Kelles
Aye
Tapia
Aye
Lucas
Aye

Committee:RULES   Chair:Gottfried      
DATE:05/17/2022AYE/NAY:28/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Gottfried
Aye
Hawley
Aye
Nolan
Aye
Giglio
Aye
Weinstein
Aye
Blankenbush
Aye
Pretlow
Aye
Norris
Aye
Cook
Aye
Montesano
Aye
Glick
Aye
Ra
Aye
Aubry
Aye
Brabenec
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Paulin
Aye
Peoples-Stokes
Excused
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Excused
Hyndman
Aye

A10223 Floor Votes:

A10223 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10223
 
                   IN ASSEMBLY
 
                                       May 6, 2022
                                       ___________
 
        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Tapia) --
          read once and referred to the Committee on Housing
 
        AN ACT to amend the public authorities law, in  relation  to  increasing
          the  bond  and  note  authorization  of the state of New York mortgage
          agency
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision  2  of section 2407 of the public authorities
     2  law, as amended by chapter 232 of the laws of 2021, is amended  to  read
     3  as follows:
     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  hundred  million
    16  dollars,  excluding  from  such  limitation  bonds, notes or other obli-
    17  gations issued to refund outstanding bonds, notes or other  obligations.
    18  No  such bond, note or other obligation shall be issued by the agency on
    19  or after July twenty-third, two thousand twenty-three, excluding  bonds,
    20  notes  or other obligations issued to refund outstanding bonds, notes or
    21  other obligations and no mortgages shall be purchased with the  proceeds
    22  of  such bonds, notes or other obligations after such date. The board of
    23  directors of the agency shall establish program guidelines for  purposes
    24  of  bonds,  notes  or other obligations issued pursuant to this subdivi-
    25  sion. The board of directors shall establish from time to  time  maximum
    26  income  limits  of  persons  eligible  to  receive mortgages financed by
    27  bonds, notes or other obligations issued pursuant to  this  subdivision,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15706-01-2
        A. 10223                            2
 
     1  which  income  limits  with  respect to one-third of the total principal
     2  amount of mortgages authorized to be so financed shall  not  exceed  one
     3  hundred  twenty-five percent of the latest maximum income limits permit-
     4  ted  under the Internal Revenue Code of 1986, as amended, for mortgagors
     5  financed by mortgage revenue bonds, with respect to  one-third  of  such
     6  principal  amount  authorized  to  be  so financed, shall not exceed one
     7  hundred thirty-five percent of such income limits, and with  respect  to
     8  one-third  of  such principal amount authorized to be so financed, shall
     9  not exceed one hundred fifty  percent  of  such  limits,  provided  that
    10  notwithstanding  the  foregoing,  the  maximum  income limits of persons
    11  eligible to receive mortgages financed by the agency under its neighbor-
    12  hood revitalization program (and any successor program) shall not exceed
    13  one hundred fifty percent of the latest maximum income limits  permitted
    14  under  the  Internal  Revenue  Code  of 1986, as amended, for mortgagors
    15  financed by mortgage revenue bonds.
    16    § 2.  This act shall take effect immediately.