New York S 10442: Relates to the bonding authority of the New York city housing development corporation

Bill Text

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S10442 Summary:

BILL NOS10442 

&nbsp

SAME ASSAME AS A11529

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §656, Priv Hous Fin L

&nbsp

Increases the maximum aggregate principal amount of the outstanding notes and bonds of the New York city housing development corporation from twenty billion dollars to twenty-two billion dollars.

Go to top S10442 Actions:

BILL NOS10442 

&nbsp

05/15/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

06/02/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/02/2026ORDERED TO THIRD READING CAL.1583

06/02/2026SUBSTITUTED BY A11529

&nbspA11529 AMEND= Rules (Hooks)

&nbsp05/29/2026referred to ways and means

&nbsp06/02/2026reported referred to rules

&nbsp06/02/2026reported 

&nbsp06/02/2026rules report cal.384

&nbsp06/02/2026ordered to third reading rules cal.384

&nbsp06/02/2026passed assembly

&nbsp06/02/2026delivered to senate

&nbsp06/02/2026REFERRED TO RULES

&nbsp06/02/2026SUBSTITUTED FOR S10442

&nbsp06/02/20263RD READING CAL.1583

&nbsp06/02/2026PASSED SENATE

&nbsp06/02/2026RETURNED TO ASSEMBLY

Go to topS10442 Committee&nbspVotes:

Go to topS10442 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10442 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10442

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. KAVANAGH -- (at request of the NYC H.P.D.) -- read
 twice and ordered printed, and when printed to be committed to the
 Committee on Housing, Construction and Community Development

 AN ACT to amend the private housing finance law, in relation to increas-
 ing the bonding authority of the New York city housing development
 corporation

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph c of subdivision 1 of section 656 of the private
 2 housing finance law, as amended by chapter 360 of the laws of 2025, is
 3 amended to read as follows:
 4 c. No bonds or notes of the corporation shall be issued if upon such
 5 issuance the aggregate principal amount of bonds and notes of the corpo-
 6 ration then outstanding exceeds the lesser of [twenty] twenty-two
 7 billion dollars or such amount as would cause the maximum capital
 8 reserve fund requirement to exceed eighty-five million dollars; provided
 9 that, in determining such aggregate principal amounts there shall be
 10 deducted: (i) all sums then available for the payment of such bonds or
 11 notes either at maturity or through the operation of a sinking fund;
 12 (ii) the aggregate principal amount of outstanding bonds issued: (a) to
 13 refund notes; and (b) to refund bonds, theretofore issued and then
 14 outstanding; and (iii) the aggregate principal amount of outstanding
 15 notes issued to renew notes theretofore issued and then outstanding. The
 16 provisions of the prior sentence notwithstanding, the corporation shall
 17 not issue bonds if such issuance shall cause the maximum reserve fund
 18 requirement to exceed thirty million dollars unless prior to such issu-
 19 ance the senate and assembly shall have adopted a concurrent resolution
 20 passed by the votes of a majority of all the members elected to each
 21 such house and, subsequent thereto, the governor shall evidence in writ-
 22 ing the governor's agreement with such resolution to the chairperson of
 23 the corporation, which resolution shall be in full force and effect on
 24 the date of issuance of the bonds, permitting the maximum capital
 25 reserve fund requirement to equal or exceed the amount of the maximum
 26 capital reserve fund requirement which would be effective upon the issu-
 27 ance of the bonds in question, but in no event shall the maximum capital
 28 reserve fund requirement exceed eighty-five million dollars.
 29 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15927-01-6

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