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New YorkS 82352025-2026 Regular SessionSenateWALLET

Relates to increasing the bonding authority of the New York city housing development corporation

Sponsored By: Brian Kavanagh (Democratic)

Became Law

HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENTWAYS AND MEANS

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Bill Overview

Analyzed Economic Effects

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

New York City housing agency can issue more bonds

The law raises the New York City Housing Development Corporation’s bond cap to $20 billion, up from $19 billion. When counting that cap, HDC can exclude money already set aside to repay bonds and certain refunding or renewal notes. The law keeps guardrails on the capital reserve fund: above $30 million needs a concurrent resolution by both houses and written agreement from the Governor. In all cases, the reserve fund requirement cannot be higher than $85 million. The law takes effect immediately.

Sponsors & Cosponsors

Sponsor

  • Brian Kavanagh

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 73 • No: 5

Senate vote • 6/10/2025

FLOOR Vote

Yes: 53 • No: 5

committee vote • 6/4/2025

Rules Committee Vote

Yes: 20 • No: 0

Actions Timeline

  1. SIGNED CHAP.360

    8/26/2025Senate

  2. DELIVERED TO GOVERNOR

    8/22/2025Senate

  3. RETURNED TO SENATE

    6/10/2025House

  4. PASSED ASSEMBLY

    6/10/2025House

  5. ORDERED TO THIRD READING RULES CAL.541

    6/10/2025House

  6. SUBSTITUTED FOR A8663

    6/10/2025House

  7. REFERRED TO WAYS AND MEANS

    6/10/2025House

  8. DELIVERED TO ASSEMBLY

    6/10/2025Senate

  9. PASSED SENATE

    6/10/2025Senate

  10. ORDERED TO THIRD READING CAL.1580

    6/4/2025Senate

  11. COMMITTEE DISCHARGED AND COMMITTED TO RULES

    6/4/2025Senate

  12. REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

    5/27/2025Senate

Bill Text

  • Original

    5/27/2025

    PDF

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