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NY A07609

Bill

Official Source

Status

Introduced

5/19/2021

Primary Sponsor

Steven Cymbrowitz

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends the Private Housing Finance Law to increase the maximum aggregate principal amount of outstanding bonds and notes issued by the New York City Housing Development Corporation from $15.5 billion to $17 billion
  • Maintains the existing requirement that the maximum capital reserve fund requirement cannot exceed $85 million without legislative and gubernatorial approval
  • Requires concurrent resolution passed by majority vote in both the State Senate and Assembly, plus written gubernatorial agreement, before bonds can be issued if they would cause the maximum reserve fund requirement to exceed $30 million
  • Takes effect immediately upon enactment

Legislative Description

Increases the bonding authority of the New York City housing development corporation.

Last Action

substituted by s6917

6/3/2021

Committee Referrals

Rules6/1/2021
Ways and Means5/24/2021
Housing5/19/2021

Full Bill Text

No bill text available