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

New York City housing borrowing expands

Effective immediately, the law raises the New York City Housing Development Corporation’s outstanding bond-and-note limit from $19 billion to $20 billion. A lower limit applies when needed to keep its maximum capital reserve fund requirement at or below $85 million. Bond issues that push that requirement above $30 million still need a concurrent resolution from the Legislature. A majority of all elected members in each house must approve it. The Governor must then send written agreement to the corporation’s chairperson. The resolution must remain in force when bonds are issued, and the approvals must cover the resulting reserve requirement. The debt calculation excludes money available for repayment at maturity or through a sinking fund, bonds refinancing earlier bonds or notes, and notes renewing earlier notes. This expands housing-financing capacity, but does not provide direct household payments, create taxes or fees, or appropriate money.