All Roll Calls
Yes: 204 • No: 2
New YorkA 85712025-2026 Regular SessionHouseWALLET
Relates to the powers of the New York state housing finance agency
Sponsored By: Linda Rosenthal (Democratic)
Signed by Governor
HOUSINGWAYS AND MEANSRULES
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Higher housing financing caps through 2027
New York’s Housing Finance Agency gets higher borrowing limits, not a direct grant of money. Its tax-exempt bond cap rises from $10.72 billion to $10.92 billion; its taxable bond cap rises from $1.5 billion to $1.95 billion. The cap on bond proceeds combined for mortgage financing rises from $1 billion to $2.4 billion. The tax-exempt cap excludes original issue discounts and refinancing bonds allowed under federal tax rules; the taxable cap excludes refinancing bonds. New borrowing other than refinancing, and mortgage purchases using these proceeds, end after July 23, 2027. These higher caps do not guarantee a mortgage or lower costs for any household.
Existing infrastructure financing support stays protected
The law protects covered infrastructure trust fund commitments, policies, and development corporation credit support in force by July 23, 2027. The rules governing covered development corporation credit support remain until all related obligations are paid or provided for. This keeps existing financing support from ending immediately at the deadline. It does not create a direct household payment.
Housing financing powers extended, then expire
The law extends covered housing and mortgage financing powers from their 2025 expiration to July 23, 2027. On that date, the covered housing authority rules return to their form before this law took effect. The covered changes to the State of New York Mortgage Agency’s powers take effect immediately and expire July 23, 2027. These deadlines apply to the covered changes, not to every agency power or mortgage program.
Sponsors & Cosponsors
Sponsor
Linda Rosenthal
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 6/9/2025
FLOOR Vote
Yes: 62 • No: 0
House vote • 6/9/2025
Assembly floor vote
Yes: 142 • No: 2
Actions Timeline
SIGNED CHAP.170
6/26/2025HouseDELIVERED TO GOVERNOR
6/26/2025HouseRETURNED TO ASSEMBLY
6/9/2025SenatePASSED SENATE
6/9/2025Senate3RD READING CAL.1570
6/9/2025SenateSUBSTITUTED FOR S8177
6/9/2025SenateREFERRED TO RULES
6/9/2025SenateDELIVERED TO SENATE
6/9/2025HousePASSED ASSEMBLY
6/9/2025HouseORDERED TO THIRD READING RULES CAL.474
6/6/2025HouseRULES REPORT CAL.474
6/6/2025HouseREPORTED
6/6/2025HouseREPORTED REFERRED TO RULES
6/4/2025HouseREPORTED REFERRED TO WAYS AND MEANS
5/28/2025HouseREFERRED TO HOUSING
5/20/2025House
Bill Text
Original
5/20/2025
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