Bill Text: NY S06943 | 2023-2024 | General Assembly | Introduced
Bill Title: Extends certain powers of the New York state housing finance agency.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2023-07-19 - SIGNED CHAP.205 [S06943 Detail]
Download: New_York-2023-S06943-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6943 2023-2024 Regular Sessions IN SENATE May 16, 2023 ___________ Introduced by Sen. KAVANAGH -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend chapter 514 of the laws of 1983 amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency and the New York city housing development corporation to finance certain multi-family housing, in relation to the effectiveness thereof; to amend chapter 396 of the laws of 1984 amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency to finance certain multi-family housing, in relation to the effectiveness thereof; to amend chapter 915 of the laws of 1982 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to the effectiveness thereof; to amend the public authorities law, in relation to the powers of the state of New York mortgage agency; to amend chapter 555 of the laws of 1989 amending the public authorities law and other laws relating to establishing a New York state infras- tructure trust fund, in relation to the effectiveness thereof; to amend chapter 172 of the laws of 2002, amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to the effectiveness thereof; to amend chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to the effectiveness thereof; and to amend chapter 246 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to the effectiveness thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06780-01-3S. 6943 2 1 Section 1. Section 6 of chapter 514 of the laws of 1983, amending the 2 private housing finance law and the real property tax law relating to 3 the powers of the New York state housing finance agency and the New York 4 city housing development corporation to finance certain multi-family 5 housing, as amended by chapter 232 of the laws of 2021, is amended to 6 read as follows: 7 § 6. This act shall take effect immediately and shall remain in full 8 force and effect until July 23, [2023] 2025 at which time it shall be 9 repealed. 10 § 2. Section 7 of chapter 396 of the laws of 1984, amending the 11 private housing finance law and the real property tax law relating to 12 the powers of the New York state housing finance agency to finance 13 certain multi-family housing, as amended by chapter 232 of the laws of 14 2021, is amended to read as follows: 15 § 7. This act shall take effect immediately, except that sections one, 16 three, four, five and six of this act shall remain in full force and 17 effect until July 23, [2023] 2025 at which time such sections shall be 18 repealed. 19 § 3. Section 16 of chapter 915 of the laws of 1982 amending the public 20 authorities law relating to the powers of the state of New York mortgage 21 agency, as amended by chapter 232 of the laws of 2021, is amended to 22 read as follows: 23 § 16. This act shall take effect immediately except that the amend- 24 ments to law effected by sections one through ten of this act, as 25 amended, shall cease to be of force and effect on and after July 23, 26 [2023] 2025, on which date the provisions of the public authorities law 27 amended by such sections shall be as they were in force and effect imme- 28 diately prior to this act taking effect. 29 § 4. Section 2407 of the public authorities law, as amended by chapter 30 232 of the laws of 2021 and subdivision 2 as amended by chapter 704 of 31 the laws of 2022, is amended to read as follows: 32 § 2407. Bond limits. (1) Except for notes issued in nineteen hundred 33 seventy and nineteen hundred seventy-one, the agency shall not issue 34 bonds and notes, the interest on which is not included in the gross 35 income of the holders of the bonds and notes under the United States 36 Internal Revenue Code of 1986, as amended, or any subsequent correspond- 37 ing internal revenue law of the United States, in an aggregate principal 38 amount exceeding ten billion [two] seven hundred twenty million dollars, 39 excluding from such limitation (a) an amount equal to any original issue 40 discount from the principal amount of any bonds or notes issued, (b) 41 bonds and notes issued to refund outstanding bonds and notes, and (c) 42 bonds and notes not described in paragraph (b) of this subdivision 43 issued to refund outstanding bonds and notes in accordance with the 44 provisions of the Internal Revenue Code of 1986 or the Tax Reform Act of 45 1986, as amended, where such bonds or notes are not included in the 46 statewide volume cap on private purpose bonds under section 146 of such 47 code provided, however, that upon any refunding pursuant to this para- 48 graph or paragraph (b) of this subdivision, such exclusion shall apply 49 only to the extent that the amount of the refunding bonds or notes does 50 not exceed (i) the outstanding amount of the refunded bonds or notes, 51 plus (ii) to the extent permitted by applicable federal tax law, costs 52 of issuance of the refunding bonds or notes to be financed from the 53 proceeds of the refunding bonds or notes. No such bond or note shall be 54 issued by the agency on or after July twenty-third, two thousand [twen-55ty-three] twenty-five, excluding bonds and notes issued to refund 56 outstanding bonds and notes. No more than one billion dollars ofS. 6943 3 1 proceeds of bonds or notes issued by the agency pursuant to this subdi- 2 vision shall be used for mortgage purposes by blending with proceeds of 3 bonds issued pursuant to subdivision two of this section. 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] twenty-five, 20 excluding bonds, notes or other obligations issued to refund outstanding 21 bonds, notes or other obligations and no mortgages shall be purchased 22 with the proceeds of such bonds, notes or other obligations after such 23 date. The board of directors of the agency shall establish program 24 guidelines for purposes of bonds, notes or other obligations issued 25 pursuant to this subdivision. The board of directors shall establish 26 from time to time maximum income limits of persons eligible to receive 27 mortgages financed by bonds, notes or other obligations issued pursuant 28 to this subdivision, which income limits with respect to one-third of 29 the total principal amount of mortgages authorized to be so financed 30 shall not exceed one hundred twenty-five percent of the latest maximum 31 income limits permitted under the Internal Revenue Code of 1986, as 32 amended, for mortgagors financed by mortgage revenue bonds, with respect 33 to one-third of such principal amount authorized to be so financed, 34 shall not exceed one hundred thirty-five percent of such income limits, 35 and with respect to one-third of such principal amount authorized to be 36 so financed, shall not exceed one hundred fifty percent of such limits, 37 provided that notwithstanding the foregoing, the maximum income limits 38 of persons eligible to receive mortgages financed by the agency under 39 its neighborhood revitalization program (and any successor program) 40 shall not exceed one hundred fifty percent of the latest maximum income 41 limits permitted under the Internal Revenue Code of 1986, as amended, 42 for mortgagors financed by mortgage revenue bonds. 43 (3) The fixing of the statutory maximums in this section shall not be 44 construed as constituting a contract between the agency and the holders 45 of its bonds or notes that additional bonds and notes may not be issued 46 subsequently by the agency in the event that such statutory maximums 47 shall subsequently be increased by law. 48 § 5. Section 19 of chapter 555 of the laws of 1989 amending the public 49 authorities law and other laws relating to establishing a New York state 50 infrastructure trust fund, as amended by chapter 232 of the laws of 51 2021, is amended to read as follows: 52 § 19. This act shall take effect immediately and shall be deemed to 53 have been in full force and effect on and after June 15, 1989 provided 54 that the amendments to law effected by sections six and nine through 55 seventeen of this act, as amended, shall cease to be of force and effect 56 on and after July 23, [2023] 2025, on which date the provisions of theS. 6943 4 1 public authorities law amended by such sections shall be as they were in 2 force and effect immediately prior to this act taking effect, and 3 provided however that the amendments to law effected by sections six and 4 nine through seventeen of this act, as amended, shall continue to apply 5 to all commitments issued or policies or development corporation credit 6 support in force on or before July 23, [2023] 2025, and provided further 7 that the amendments to section 2429-b of the public authorities law made 8 by section 13 of chapter 3 of the laws of 2004 which amended this 9 section shall not cease to be of force and effect prior to the time that 10 full payment of all development corporation credit support obligations 11 has been made or provided for. 12 § 6. Section 2 of chapter 172 of the laws of 2002 amending the public 13 authorities law relating to the powers of the state of New York mortgage 14 agency, as amended by chapter 232 of the laws of 2021, is amended to 15 read as follows: 16 § 2. This act shall take effect immediately and shall remain in full 17 force and effect until July 23, [2023] 2025, whereupon such date the 18 provisions of this act shall expire and be deemed repealed. 19 § 7. Section 4 of chapter 208 of the laws of 2010 amending the public 20 authorities law relating to the powers of the state of New York mortgage 21 agency, as amended by chapter 232 of the laws of 2021, is amended to 22 read as follows: 23 § 4. This act shall take effect immediately, provided that the amend- 24 ments to subdivision 5 of section 2402 of the public authorities law 25 made by section one of this act shall be subject to the expiration and 26 reversion of such subdivision pursuant to section 16 of chapter 915 of 27 the laws of 1982, as amended, when upon such date the provisions of 28 section two of this act shall take effect; further provided that this 29 act shall expire and be deemed repealed July 23, [2023] 2025. 30 § 8. Section 5 of chapter 246 of the laws of 2010 amending the public 31 authorities law relating to the powers of the state of New York mortgage 32 agency, as amended by chapter 232 of the laws of 2021, is amended to 33 read as follows: 34 § 5. This act shall take effect immediately and shall expire and be 35 deemed repealed on and after July 23, [2023] 2025; provided, however, 36 that the amendments to paragraph (c) of subdivision 8 of section 2428 of 37 the public authorities law made by section two of this act shall not 38 affect the expiration of such subdivision and shall be deemed to expire 39 therewith. 40 § 9. This act shall take effect immediately.
