BILL NUMBER: S10442
SPONSOR: KAVANAGH
 
TITLE OF BILL:
An act to amend the private housing finance law, in relation to increas-
ing the bonding authority of the New York city housing development
corporation
1Section 1. Paragraph c of subdivision 1 of section 656 of the private
housing finance 2 law, as amended by chapter 360 of the laws of 2025, is
amended to read as follows:
3c. No bonds or notes of the corporation shall be issued if upon such
issuance the 4 aggregate principal amount of bonds and notes of the
corporation then outstanding exceeds the 5 lesser of (twenty) twenty-two
billion dollars or such amount as would cause the maximum capital
6reserve fund requirement to exceed eighty-five million dollars;
provided that, in determining such 7aggregate principal amounts there
shall be deducted (i) all sums then available for the payment of 8such
bonds or notes either at maturity or through the operation of a sinking
fund; (ii) the aggregate 9 principal amount of outstanding bonds issued
(a) to refund notes and (b) to refund bonds, 10theretofore issued and
then outstanding; and (iii) the aggregate principal amount of outstand-
ing 11notes issued to renew notes theretofore issued and then outstand-
ing. The provisions of the prior 12sentence notwithstanding, the corpo-
ration shall not issue bonds if such issuance shall cause the 13maximum
reserve fund requirement to exceed thirty million dollars unless prior
to such issuance 14 the senate and assembly shall have adopted a concur-
rent resolution passed by the votes of a 15majority of all the members
elected to each such house and, subsequent thereto, the governor shall
16evidence in writing the governor's agreement with such resolution to
the chairperson of the 17corporation, which resolution shall be in full
force and effect on the date of issuance of the bonds, 18 permitting the
maximum capital reserve fund requirement to equal or exceed the amount
of the 1 maximum capital reserve fund requirement which would be effec-
tive upon the issuance of the 2 bonds in question, but in no event shall
the maximum capital reserve fund requirement exceed 3eighty-five million
dollars.
4 §2. This act shall take effect immediately.

Statutes affected:
S10442: 656 private housing finance law, 656(1) private housing finance law