NY S08481

Establishes the New York State Infrastructure Development Bank within the Department of Banking to provide financial assistance for energy, environmental, telecommunications, and transportation infrastructure projects.

Creates a five-member Board of Directors (two public sector, three private sector experience) appointed by the Governor, with an Executive Committee of nine members including a Chief Executive Officer and eight executive officers overseeing compliance, finance, risk management, and lending operations.

Authorizes the Bank to issue public benefit bonds exceeding 30 years in duration, borrow on capital markets, lend to entities and commercial banks, and purchase or pool infrastructure-related loans and securities.

Establishes project eligibility criteria prioritizing job creation, carbon emission reduction, public health benefits, environmental justice, renewable energy expansion, and assistance to disadvantaged communities with median household income below 80% of statewide median.

Appropriates $250 million to the Banking Department and sets the Bank's expiration date as December 31, 2025, with annual reporting requirements and a five-year Comptroller evaluation of funded projects' effectiveness.