NY State Assembly Bill 2009-A8528

Assembly Bill A8528

Signed By Governor

2009-2010 Legislative Session

Increases the bond and note authorization of the N.Y. state housing finance agency and the effectiveness of the powers of such agency to finance certain multi-family housing

download bill text pdf

Archive: Last Bill Status - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 11, 2009	signed chap.176
Jul 10, 2009	delivered to governor
Jul 09, 2009	returned to assembly repassed senate vote reconsidered - restored to third reading
Jun 30, 2009	passed senate 3rd reading cal.375 substituted for s3458a
Jun 15, 2009	referred to rules
Jun 16, 2009	delivered to senate
Jun 11, 2009	passed assembly
Jun 10, 2009	ordered to third reading rules cal.219 rules report cal.219 reported reported referred to rules
Jun 02, 2009	reported referred to ways and means
May 27, 2009	referred to housing

Votes

- Jul 9, 2009 - Floor Vote
  A8528
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jul 9, 2009
      
      aye (62)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Aubertine
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Flanagan
      
      Foley
      
      Fuschillo
      
      Golden
      
      Griffo
      
      Hannon
      
      Hassell-Thompson
      
      Huntley
      
      Johnson
      
      Johnson
      
      Klein
      
      Krueger
      
      Kruger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Leibell
      
      Libous
      
      Little
      
      Marcellino
      
      Maziarz
      
      McDonald
      
      Monserrate
      
      Montgomery
      
      Morahan
      
      Nozzolio
      
      Onorato
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Perkins
      
      Ranzenhofer
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Schneiderman
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      Winner
      
      Young

2009-A8528 (ACTIVE) - Details

See Senate Version of this Bill:: S3458
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §47, Priv Hous Fin L; amd §6, Chap 514 of 1983; amd §7, Chap 396 of 1984

2009-A8528 (ACTIVE) - Summary

Increases the bond and note authorization of the NYS housing finance agency and the effectiveness of the powers of such agency to finance certain housing.

2009-A8528 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:A8528

TITLE OF BILL:
An act to amend the private housing finance law, in relation to an
increase in bond and note authorization of the New York state housing
finance agency; and 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 to finance
certain multi-family housing; and 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 effective-
ness of such chapters

PURPOSE:
This bill would (i) increase by $500 million the maximum bonding author-
ity of the New York State Housing Finance Agency ("HFA" or the "Agency")
from $13.78 billion to $14.28 billion and (ii) extend the Agency's
authority to issue bonds to June 30, 2011.

SUMMARY OF PROVISIONS:
Section 1 of the bill would increase the bonding authority of HFA by
$500 million to a maximum of $14.28 billion.

Sections 2 and 3 of the bill would extend HFA's authority to finance
certain multi-family housing projects until June 30, 2011.

Section 4 of the bill provides for an immediate effective date.

EXISTING LAW:
Current law authorizes HFA to issue bonds and notes for its housing
programs for any of its corporate purposes in an aggregate principal
amount not to exceed $13.78 billion.

LEGISLATIVE HISTORY:
Since 2000, similar bills have been enacted on an annual basis to
increase HFA's bonding authority and on a biennial basis to extend HFA's
authority to issue bonds. See Chapter 151 of the Laws of 2008; Chapter
85 of the Laws of 2007; Chapter 398 of the Laws of 2006; Chapter 124 of
the Laws of 2005; Chapter 204 of the Laws of 2004; Chapter 99 of the
Laws of 2003; Chapter 48 of the Laws of 2002; Chapter 363 of the Laws of
2001; and Chapter 131 of the Laws of 2000.

JUSTIFICATION:
This bill would increase the maximum amount of new money bonds which HFA
is authorized to issue and would extend HFA's authority to finance
certain multi-family housing projects until June 30, 2011. The Agency
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 bill would increase HFA's authority to issue
bonds up to a total maximum amount of $14.28 billion, which will enable

the Agency to continue to meet the housing demands of New Yorkers, as
well as creating jobs and providing economic stimulus.

FISCAL IMPLICATIONS:
This legislation would increase HFA's bonding authority by $500 million.

EFFECTIVE DATE:
This act shall take effect immediately.

2009-A8528 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8528

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2009
                               ___________

Introduced by M. of A. CAMARA, V. LOPEZ -- read once and referred to the
  Committee on Housing

AN  ACT  to  amend  the  private  housing finance law, in relation to an
  increase in bond and note authorization of the New York state  housing
  finance agency; and 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 to finance
  certain multi-family housing; and 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 of such chapters

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (c) of subdivision 1 of section 47 of the private
housing  finance  law, as amended by chapter 151 of the laws of 2008, is
amended to read as follows:
  (c) The agency shall not  issue  bonds  and  notes  other  than  state
university  construction  bonds and state university construction notes,
hospital and nursing home project bonds and hospital  and  nursing  home
project  notes,  health  facilities  bonds  and health facilities notes,
youth facilities project  bonds  and  youth  facilities  project  notes,
community mental health services and mental retardation services project
bonds  and  community  mental  health  services  and  mental retardation
services project notes, community senior citizens services project notes
or community senior citizens services project bonds and  mental  hygiene
improvement  bonds  and  mental  hygiene improvement notes and bonds and
notes for the housing program for any of its corporate  purposes  in  an
aggregate principal amount exceeding [thirteen] FOURTEEN billion [seven]
TWO  hundred eighty million dollars, excluding bonds and notes issued to
refund outstanding bonds and notes.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09037-02-9

A. 8528                             2

  S 2. Section 6 of 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  to  finance
certain  multi-family  housing,  as amended by chapter 85 of the laws of
2007, is amended to read as follows:
  S  6.  This act shall take effect immediately and shall remain in full
force and effect until June 30, [2009] 2011 at which time  it  shall  be
repealed.
  S  3.  Section  7  of  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, as amended by chapter 85 of  the  laws  of
2007, is amended to read as follows:
  S 7. This act shall take effect immediately, except that sections one,
three,  four,  five  and  six of this act shall remain in full force and
effect until June 30, [2009] 2011 at which time such sections  shall  be
repealed.
  S 4. This act shall take effect immediately.

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