Bill Text: NY A10223 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to increasing the bond and note authorization of the state of New York mortgage agency from one billion dollars to one billion five hundred million dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-12-16 - signed chap.704 [A10223 Detail]

Download: New_York-2021-A10223-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10223

                   IN ASSEMBLY

                                       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:

     1    Section  1.  Subdivision  2  of section 2407 of the public authorities
     2  law, as amended by chapter 232 of the laws of 2021, is amended  to  read
     3  as follows:
     4    (2)  In  connection  with  the  issuance  of  bonds for the purpose of
     5  furthering programs described in this title, the agency is authorized to
     6  covenant and consent that the interest on any of  its  bonds,  notes  or
     7  other  obligations shall be includable, under the United States Internal
     8  Revenue Code of 1986, as amended or any subsequent corresponding  inter-
     9  nal revenue law of the United States, in the gross income of the holders
    10  of the bonds to the same extent and in the same manner that the interest
    11  on  bills,  bonds,  notes  or  other obligations of the United States is
    12  includable in the gross income of the holders thereof under said  Inter-
    13  nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
    14  sion, the agency shall not issue bonds, notes or other obligations in an
    15  aggregate principal amount exceeding one billion  five  hundred  million
    16  dollars,  excluding  from  such  limitation  bonds, notes or other obli-
    17  gations issued to refund outstanding bonds, notes or other  obligations.
    18  No  such bond, note or other obligation shall be issued by the agency on
    19  or after July twenty-third, two thousand twenty-three, excluding  bonds,
    20  notes  or other obligations issued to refund outstanding bonds, notes or
    21  other obligations and no mortgages shall be purchased with the  proceeds
    22  of  such bonds, notes or other obligations after such date. The board of
    23  directors of the agency shall establish program guidelines for  purposes
    24  of  bonds,  notes  or other obligations issued pursuant to this subdivi-
    25  sion. The board of directors shall establish from time to  time  maximum
    26  income  limits  of  persons  eligible  to  receive mortgages financed by
    27  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

     1  which  income  limits  with  respect to one-third of the total principal
     2  amount of mortgages authorized to be so financed shall  not  exceed  one
     3  hundred  twenty-five percent of the latest maximum income limits permit-
     4  ted  under the Internal Revenue Code of 1986, as amended, for mortgagors
     5  financed by mortgage revenue bonds, with respect to  one-third  of  such
     6  principal  amount  authorized  to  be  so financed, shall not exceed one
     7  hundred thirty-five percent of such income limits, and with  respect  to
     8  one-third  of  such principal amount authorized to be so financed, shall
     9  not exceed one hundred fifty  percent  of  such  limits,  provided  that
    10  notwithstanding  the  foregoing,  the  maximum  income limits of persons
    11  eligible to receive mortgages financed by the agency under its neighbor-
    12  hood revitalization program (and any successor program) shall not exceed
    13  one hundred fifty percent of the latest maximum income limits  permitted
    14  under  the  Internal  Revenue  Code  of 1986, as amended, for mortgagors
    15  financed by mortgage revenue bonds.
    16    § 2.  This act shall take effect immediately.