Bill
Bill > S08177
summary
Introduced
05/19/2025
05/19/2025
In Committee
05/28/2025
05/28/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
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 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 infrastructure 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
AI Summary
This bill extends the effectiveness of several existing laws related to the powers of New York state housing and mortgage agencies by changing the expiration date from July 23, 2025, to July 23, 2027. Specifically, the bill amends multiple chapters of previous laws governing the New York State Housing Finance Agency and the State of New York Mortgage Agency, pushing back their sunset dates by two years. The changes impact various provisions, including bond issuance limits and financing programs. For example, the bill increases the agency's bond issuance limits, allowing for up to $10.9 billion in bonds (up from $10.7 billion) and modifying the amount of proceeds that can be used for mortgage purposes. The bill also adjusts the maximum amount of bonds that can be issued for certain programs, such as increasing the limit for bonds where interest is includable in gross income from $1.5 billion to $1.95 billion. These extensions and modifications are designed to provide continued flexibility and support for housing and mortgage financing programs in New York State, ensuring that these important financial tools remain available to support housing development and homeownership.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (1)
Last Action
Companion passed 2025-06-26 (on 06/26/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S8177 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S08177&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08177 |
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