Bill > A08663

This bill increases the bonding authority of the New York City Housing Development Corporation (HDC) from $19 billion to $20 billion. Specifically, the legislation amends the Private Housing Finance Law to modify the maximum aggregate principal amount of bonds and notes that the HDC can have outstanding at any given time. The bill maintains existing provisions that require the corporation to account for available funds, refunded bonds and notes, and potential sinking funds when calculating its total outstanding debt. Additionally, the bill preserves the requirement that if issuing bonds would cause the maximum reserve fund requirement to exceed $30 million, the corporation must first obtain approval through a concurrent resolution passed by a majority in both the state Senate and Assembly, followed by written agreement from the governor. The legislation takes effect immediately upon passage, providing the HDC with increased financial flexibility to support housing development in New York City.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8663