Bill
Bill > A08571
summary
Introduced
05/20/2025
05/20/2025
In Committee
06/09/2025
06/09/2025
Crossed Over
06/09/2025
06/09/2025
Passed
06/26/2025
06/26/2025
Dead
Signed/Enacted/Adopted
06/26/2025
06/26/2025
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 previous laws related to the New York State Housing Finance Agency and the State of New York Mortgage Agency by changing the expiration date from July 23, 2025, to July 23, 2027. The bill makes technical amendments to multiple chapters of existing laws, primarily focusing on extending the agency's powers to issue bonds and notes for housing and infrastructure financing. Specifically, the bill increases the bond limit for tax-exempt and taxable bonds, allowing the agency to issue up to $10.9 billion in tax-exempt bonds (increased from $10.7 billion) and up to $1.95 billion in taxable bonds (increased from $1.5 billion). The modifications also include provisions that allow the agency to continue issuing bonds to refund outstanding bonds and maintain its mortgage financing programs beyond the previous expiration date. The changes ensure that the housing finance and mortgage agencies can continue their critical work of supporting affordable housing and infrastructure development in New York State for an additional two years, providing continued financial flexibility and support for housing initiatives.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (1)
Last Action
signed chap.170 (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/A8571 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A08571&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A08571 |
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