Bill > A06763

This bill establishes an alternative formula for allocating private activity bond volume ceiling in New York State, known as the "private activity bond allocation act of 2025". The bill divides the annual statewide bond ceiling into three equal parts: one-third for local agencies (allocated proportionally based on population), one-third for state agencies, and one-third reserved as a statewide bond reserve. Local agencies and state agencies can apply for allocations from their respective set-asides, and unused allocations will be added to the statewide bond reserve. The bill introduces a unique process for multi-year housing development projects, allowing future allocations up to two years in advance, with a maximum of $650 million per year. A five-member policy advisory panel will be created to provide oversight and advice on allocation priorities, with representatives from the governor, legislative leadership, and minority party leaders. The bill also requires issuers of qualified small issue bonds to list new employment opportunities with the state labor department and prioritize hiring through workforce development programs. The legislation includes provisions for reallocation, carryforward of unused allocations, and contains a sunset clause, with most provisions expiring on July 1, 2028. The primary goal is to maximize public benefits by efficiently distributing private activity bond volume ceiling for housing, economic development, job creation, and other state priorities.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A6763