S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9052
 
                             I N  S E N A T E
 
                                May 5, 2022
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15706-01-2
 S. 9052                             2
 
 bonds,  notes  or other obligations issued pursuant to this subdivision,
 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.