S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10223
 
                           I N  A S S E M B L Y
 
                                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:

   Section  1.  Subdivision  2  of section 2407 of the public authorities
 law, as amended by chapter 232 of the laws of 2021, is amended  to  read
 as follows:
   (2)  In  connection  with  the  issuance  of  bonds for the purpose of
 furthering programs described in this title, the agency is authorized to
 covenant and consent that the interest on any of  its  bonds,  notes  or
 other  obligations shall be includable, under the United States Internal
 Revenue Code of 1986, as amended or any subsequent corresponding  inter-
 nal revenue law of the United States, in the gross income of the holders
 of the bonds to the same extent and in the same manner that the interest
 on  bills,  bonds,  notes  or  other obligations of the United States is
 includable in the gross income of the holders thereof under said  Inter-
 nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
 sion, the agency shall not issue bonds, notes or other obligations in an
 aggregate principal amount exceeding one billion  FIVE  HUNDRED  MILLION
 dollars,  excluding  from  such  limitation  bonds, notes or other obli-
 gations issued to refund outstanding bonds, notes or other  obligations.
 No  such bond, note or other obligation shall be issued by the agency on
 or after July twenty-third, two thousand twenty-three, excluding  bonds,
 notes  or other obligations issued to refund outstanding bonds, notes or
 other obligations and no mortgages shall be purchased with the  proceeds
 of  such bonds, notes or other obligations after such date. The board of
 directors of the agency shall establish program guidelines for  purposes
 of  bonds,  notes  or other obligations issued pursuant to this subdivi-
 sion. The board of directors shall establish from time to  time  maximum
 income  limits  of  persons  eligible  to  receive mortgages financed by
 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
 
 which  income  limits  with  respect to one-third of the total principal
 amount of mortgages authorized to be so financed shall  not  exceed  one
 hundred  twenty-five percent of the latest maximum income limits permit-
 ted  under the Internal Revenue Code of 1986, as amended, for mortgagors
 financed by mortgage revenue bonds, with respect to  one-third  of  such
 principal  amount  authorized  to  be  so financed, shall not exceed one
 hundred thirty-five percent of such income limits, and with  respect  to
 one-third  of  such principal amount authorized to be so financed, shall
 not exceed one hundred fifty  percent  of  such  limits,  provided  that
 notwithstanding  the  foregoing,  the  maximum  income limits of persons
 eligible to receive mortgages financed by the agency under its neighbor-
 hood revitalization program (and any successor program) shall not exceed
 one hundred fifty percent of the latest maximum income limits  permitted
 under  the  Internal  Revenue  Code  of 1986, as amended, for mortgagors
 financed by mortgage revenue bonds.
   § 2.  This act shall take effect immediately.