New York State Assembly

 
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A00420 Summary:

A00420 Actions:

A00420 Committee Votes:

Committee:HOUSING   Chair:Rosenthal      
DATE:01/13/2025AYE/NAY:21/6  Action: Favorable refer to committee Ways and Means        
Rosenthal
Aye
Novakhov
Nay
Cook
Aye
Fitzpatrick
Aye
Kim
Aye
Brown K 
Nay
Walker
Aye
Brown EA
Nay
Bichotte Hermel
Aye
Brook-Krasny
Nay
Davila
Excused
Chang
Nay
Epstein
Aye
Maher
Aye
Eichenstein
Aye
Norber
Nay
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:01/13/2025AYE/NAY:25/9  Action: Favorable refer to committee Rules        
Pretlow
Aye
Ra
Nay
Glick
Aye
Fitzpatrick
Aye
Colton
Aye
Hawley
Nay
Cook
Aye
Blankenbush
Nay
Benedetto
Aye
Palmesano
Nay
Weprin
Aye
Walsh
Nay
Ramos
Aye
DeStefano
Nay
Braunstein
Aye
Manktelow
Nay
McDonald
Aye
Smullen
Nay
Rozic
Excused
Giglio
Nay
Dinowitz
Aye
Magnarelli
Aye
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:Glick      
DATE:01/13/2025AYE/NAY:19/9  Action: Favorable         
Heastie
Excused
Barclay
Nay
Pretlow
Aye
Hawley
Nay
Cook
Aye
Blankenbush
Nay
Glick
Aye
Ra
Nay
Dinowitz
Aye
Brabenec
Nay
Colton
Aye
Palmesano
Nay
Magnarelli
Aye
Reilly
Nay
Paulin
Aye
Smith
Nay
Peoples-Stokes
Aye
Jensen
Nay
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Braunstein
Aye
Davila
Excused
Hyndman
Aye
Rozic
Excused
Bronson
Aye
Hevesi
Aye
Hunter
Aye
Taylor
Aye
Cruz
Aye
Vanel
Aye

A00420 Floor Votes:

A00420 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A420
 
SPONSOR: Rosenthal

 
TITLE OF BILL:
 
An act to amend the private housing finance law, in relation to increas-
ing the New York state housing finance agency bonding authority
 
 
PURPOSE OF THE BILL:
 
The bill would increase the bonding authority of the New York State
Housing Finance Agency ("HFA") by $5 billion.  Summary of provisions:
 
Section 1 of the bill increases HFA's bonding authority by $5 billion to
a maximum aggregate of $36.28 billion.
 
Section 2 of the bill provides for an immediate effective date.
 
 
JUSTIFICATION:

HFA has historically received an increase of bonding authority, between
$2 billion and $3 billion, every two years. HFA has not received such an
increase in almost four years. In 2021, HFA received its most recent
increase of bonding authority, at $2 billion. In 2019, HFA received a
$2.5 billion increase. In 2017, HFA received a $2.5 billion increase. In
2015, HFA received a $3 billion increase.  This proposed bonding
increase will enable HFA to continue to meet the housing demands of New
Yorkers, as well as help create jobs and provide economic stimulus. HFA
currently has a substantial pipeline of financing requests that will
result in both the creation and preservation of affordable housing
across New York State. The $5 billion increase considers the remaining
bond authority available to HFA, possible increases in the allocation of
Private Activity Bonds to New York State, and potential future taxable
bond transactions.
 
 
PRIOR LEGISLATIVE HISTORY:

2021 increase: A7610/56975
 
2019 increase: A8320/56410
 
 
FISCAL IMPLICATIONS:
 
N/A
 
 
EFFECTIVE DATE:
All provisions of the bill shall be effective immediately.

A00420 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           420
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 8, 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 the private housing finance law, in relation to increas-
          ing the New York state housing finance agency bonding authority
 
          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 47 of the private
     2  housing finance law, as amended by chapter 479 of the laws of  2022,  is
     3  amended to read as follows:
     4    (c)  The  agency  shall  not  issue  bonds  and notes other than state
     5  university construction bonds and state university  construction  notes,
     6  hospital  and  nursing  home project bonds and hospital and nursing home
     7  project notes, health facilities  bonds  and  health  facilities  notes,
     8  youth  facilities  project  bonds  and  youth  facilities project notes,
     9  community mental health services and developmental disabilities services
    10  project bonds and community mental  health  services  and  developmental
    11  disabilities  services project notes, community senior citizens services
    12  project notes or community senior citizens services  project  bonds  and
    13  mental  hygiene  improvement  bonds and mental hygiene improvement notes
    14  and bonds and notes for the housing program for  any  of  its  corporate
    15  purposes  in  an aggregate principal amount exceeding [thirty-one] thir-
    16  ty-six billion two hundred eighty million dollars, excluding  bonds  and
    17  notes issued to refund outstanding bonds and notes.
    18    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00601-01-5