NY S07895

Increases the bonding authority cap for the New York City Housing Development Corporation from $11.25 billion to $12.5 billion in aggregate principal amount of outstanding bonds and notes.

Maintains the existing deductions from the aggregate principal amount calculation, including available sums for payment, refunding bonds and notes, and renewed notes.

Preserves the requirement that the corporation obtain a concurrent resolution passed by majority vote in both the Senate and Assembly, plus written gubernatorial agreement, before issuing bonds that would cause the maximum reserve fund requirement to exceed $30 million.

Caps the maximum capital reserve fund requirement at $85 million regardless of bonding authority increases.

Takes effect immediately upon enactment.