New YorkA 85712025-2026 Regular SessionHouseWALLET

Relates to the powers of the New York state housing finance agency

Sponsored By: Linda Rosenthal (Democratic)

Became Law

HOUSINGWAYS AND MEANSRULES

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Income limits for agency home loans

The housing agency sets clear income caps for its mortgages. One-third of loans are for incomes at or below 125% of the latest IRS limit. One-third are at or below 135%. One-third are at or below 150%. The neighborhood revitalization program is capped at 150% of the IRS limit. Check your household income against the latest IRS mortgage revenue bond limit to see where you fit.

Keeps housing finance powers through 2027

The law keeps state and city housing finance powers and program rules in place until July 23, 2027. It takes effect now. Agencies continue using current tools and programs through that date. After that, these temporary changes end, but existing commitments and credit support stay honored.

Bond limits for housing finance

The agency can issue up to $10.92 billion in bonds and notes, not counting original issue discount or certain refundings. No more than $2.4 billion of blended bond proceeds may be used for mortgages. Up to $1.95 billion in special obligations may be issued where interest is taxable to holders; qualifying refundings do not count against that cap. On July 23, 2027, no new obligations of these types may be issued except allowed refundings, and mortgages cannot be purchased with those proceeds after that date. These limits guide debt use while keeping housing finance tools in place until the sunset.

Sponsors & Cosponsors

Sponsor

Linda Rosenthal
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 62 • No: 0

House vote • 6/9/2025

FLOOR Vote