Bill > S08235

This bill modifies the Private Housing Finance Law to increase the bonding authority of the New York City Housing Development Corporation (HDC) from nineteen billion dollars to twenty billion dollars. Specifically, the legislation amends an existing provision that limits the corporation's ability to issue bonds, raising the aggregate principal amount of outstanding bonds and notes from $19 billion to $20 billion. The bill maintains existing restrictions on bond issuance, including provisions that require deducting certain available funds when calculating the total outstanding bond amount and maintaining a maximum capital reserve fund requirement of $85 million. If the corporation wants to issue bonds that would cause the maximum reserve fund requirement to exceed $30 million, it must still obtain prior approval through a concurrent resolution passed by the New York State Senate and Assembly, followed by written agreement from the governor. The change essentially provides the New York City Housing Development Corporation with an additional billion dollars in bonding capacity, which can be used to support housing development and related financial activities.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S8235