Bill Text: NY S06410 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to powers of the New York state housing finance agency and the state of New York mortgage agency; extends certain provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-07-27 - SIGNED CHAP.127 [S06410 Detail]
Download: New_York-2019-S06410-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6410 2019-2020 Regular Sessions IN SENATE June 7, 2019 ___________ Introduced by Sen. KAVANAGH -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the private housing finance law, in relation to the powers of the New York state housing finance agency, with relation to an increase in bond and note authorization; to amend chapter 514 of the laws of 1983 amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency to finance certain multi-family housing and chapter 396 of the laws of 1984, amending the private housing finance law and the real property tax law relating to the powers of the New York state housing finance agency to finance certain multi-family housing, in relation to the effectiveness of such chapters; to amend chapter 915 of the laws of 1982 amending the public authorities law, relating to the powers of the state of New York mortgage agency, in relation to the effective date thereof; to amend the public authorities law, in relation to the powers of the state of New York mortgage agency; to amend chapter 555 of the laws of 1989 amending the public authorities law and other laws relating to establishing a New York state infras- tructure trust fund, in relation to the effective date thereof; to amend chapter 172 of the laws of 2002, amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof; to amend chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof; and to amend chapter 246 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09487-01-9S. 6410 2 1 Section 1. Paragraph (c) of subdivision 1 of section 47 of the private 2 housing finance law, as amended by chapter 89 of the laws of 2017, is 3 amended to read as follows: 4 (c) The agency shall not issue bonds and notes other than state 5 university construction bonds and state university construction notes, 6 hospital and nursing home project bonds and hospital and nursing home 7 project notes, health facilities bonds and health facilities notes, 8 youth facilities project bonds and youth facilities project notes, 9 community mental health services and mental retardation services project 10 bonds and community mental health services and mental retardation 11 services project notes, community senior citizens services project notes 12 or community senior citizens services project bonds and mental hygiene 13 improvement bonds and mental hygiene improvement notes and bonds and 14 notes for the housing program for any of its corporate purposes in an 15 aggregate principal amount exceeding [twenty-six] twenty-nine billion 16 [seven] two hundred eighty million dollars, excluding bonds and notes 17 issued to refund outstanding bonds and notes. 18 § 2. Section 6 of chapter 514 of the laws of 1983, amending the 19 private housing finance law and the real property tax law relating to 20 the powers of the New York state housing finance agency to finance 21 certain multi-family housing, as amended by chapter 89 of the laws of 22 2017, is amended to read as follows: 23 § 6. This act shall take effect immediately and shall remain in full 24 force and effect until July 23, [2019] 2021 at which time it shall be 25 repealed. 26 § 3. Section 7 of chapter 396 of the laws of 1984, amending the 27 private housing finance law and the real property tax law relating to 28 the powers of the New York state housing finance agency to finance 29 certain multi-family housing, as amended by chapter 89 of the laws of 30 2017, is amended to read as follows: 31 § 7. This act shall take effect immediately, except that sections one, 32 three, four, five and six of this act shall remain in full force and 33 effect until July 23, [2019] 2021 at which time such sections shall be 34 repealed. 35 § 4. Section 16 of chapter 915 of the laws of 1982 amending the public 36 authorities law relating to the powers of the state of New York mortgage 37 agency, as amended by chapter 89 of the laws of 2017, is amended to read 38 as follows: 39 § 16. This act shall take effect immediately except that the amend- 40 ments to law effected by sections one through ten of this act, as 41 amended, shall cease to be of force and effect on and after July 23, 42 [2019] 2021, on which date the provisions of the public authorities law 43 amended by such sections shall be as they were in force and effect imme- 44 diately prior to this act taking effect. 45 § 5. Section 2407 of the public authorities law, as amended by chapter 46 89 of the laws of 2017, is amended to read as follows: 47 § 2407. Bond limits. (1) Except for notes issued in nineteen hundred 48 seventy and nineteen hundred seventy-one, the agency shall not issue 49 bonds and notes, the interest on which is not included in the gross 50 income of the holders of the bonds and notes under the United States 51 Internal Revenue Code of 1986, as amended, or any subsequent correspond- 52 ing internal revenue law of the United States, in an aggregate principal 53 amount exceeding ten billion two hundred twenty million dollars, exclud- 54 ing from such limitation (a) an amount equal to any original issue 55 discount from the principal amount of any bonds or notes issued, (b) 56 bonds and notes issued to refund outstanding bonds and notes, and (c)S. 6410 3 1 bonds and notes not described in paragraph (b) of this subdivision 2 issued to refund outstanding bonds and notes in accordance with the 3 provisions of the Internal Revenue Code of 1986 or the Tax Reform Act of 4 1986, as amended, where such bonds or notes are not included in the 5 statewide volume cap on private purpose bonds under section 146 of such 6 code provided, however, that upon any refunding pursuant to this para- 7 graph or paragraph (b) of this subdivision, such exclusion shall apply 8 only to the extent that the amount of the refunding bonds or notes does 9 not exceed (i) the outstanding amount of the refunded bonds or notes, 10 plus (ii) to the extent permitted by applicable federal tax law, costs 11 of issuance of the refunding bonds or notes to be financed from the 12 proceeds of the refunding bonds or notes. No such bond or note shall be 13 issued by the agency on or after July twenty-third, two thousand [nine-14teen] twenty-one, excluding bonds and notes issued to refund outstanding 15 bonds and notes. No more than [five hundred million] one billion dollars 16 of proceeds of bonds or notes issued by the agency pursuant to this 17 subdivision shall be used for mortgage purposes by blending with 18 proceeds of bonds issued pursuant to subdivision two of this section. 19 (2) In connection with the issuance of bonds for the purpose of 20 furthering programs described in this title, the agency is authorized to 21 covenant and consent that the interest on any of its bonds, notes or 22 other obligations shall be includable, under the United States Internal 23 Revenue Code of 1986, as amended or any subsequent corresponding inter- 24 nal revenue law of the United States, in the gross income of the holders 25 of the bonds to the same extent and in the same manner that the interest 26 on bills, bonds, notes or other obligations of the United States is 27 includable in the gross income of the holders thereof under said Inter- 28 nal Revenue Code or any such subsequent law. Pursuant to this subdivi- 29 sion, the agency shall not issue bonds, notes or other obligations in an 30 aggregate principal amount exceeding one billion dollars, excluding from 31 such limitation bonds, notes or other obligations issued to refund 32 outstanding bonds, notes or other obligations. No such bond, note or 33 other obligation shall be issued by the agency on or after July twenty- 34 third, two thousand [nineteen] twenty-one, excluding bonds, notes or 35 other obligations issued to refund outstanding bonds, notes or other 36 obligations and no mortgages shall be purchased with the proceeds of 37 such bonds, notes or other obligations after such date. The board of 38 directors of the agency shall establish program guidelines for purposes 39 of bonds, notes or other obligations issued pursuant to this subdivi- 40 sion. The board of directors shall establish from time to time maximum 41 income limits of persons eligible to receive mortgages financed by 42 bonds, notes or other obligations issued pursuant to this subdivision, 43 which income limits with respect to one-third of the total principal 44 amount of mortgages authorized to be so financed shall not exceed one 45 hundred twenty-five percent of the latest maximum income limits permit- 46 ted under the Internal Revenue Code of 1986, as amended, for mortgagors 47 financed by mortgage revenue bonds, with respect to one-third of such 48 principal amount authorized to be so financed, shall not exceed one 49 hundred thirty-five percent of such income limits, and with respect to 50 one-third of such principal amount authorized to be so financed, shall 51 not exceed one hundred fifty percent of such limits, provided that 52 notwithstanding the foregoing, the maximum income limits of persons 53 eligible to receive mortgages financed by the agency under its neighbor- 54 hood revitalization program (and any successor program) shall not exceed 55 one hundred fifty percent of the latest maximum income limits permittedS. 6410 4 1 under the Internal Revenue Code of 1986, as amended, for mortgagors 2 financed by mortgage revenue bonds. 3 (3) The fixing of the statutory maximums in this section shall not be 4 construed as constituting a contract between the agency and the holders 5 of its bonds or notes that additional bonds and notes may not be issued 6 subsequently by the agency in the event that such statutory maximums 7 shall subsequently be increased by law. 8 § 6. Section 19 of chapter 555 of the laws of 1989 amending the public 9 authorities law and other laws relating to establishing a New York state 10 infrastructure trust fund, as amended by chapter 89 of the laws of 2017, 11 is amended to read as follows: 12 § 19. This act shall take effect immediately and shall be deemed to 13 have been in full force and effect on and after June 15, 1989 provided 14 that the amendments to law effected by sections six and nine through 15 seventeen of this act, as amended, shall cease to be of force and effect 16 on and after July 23, [2019] 2021, on which date the provisions of the 17 public authorities law amended by such sections shall be as they were in 18 force and effect immediately prior to this act taking effect, and 19 provided however that the amendments to law effected by sections six and 20 nine through seventeen of this act, as amended, shall continue to apply 21 to all commitments issued or policies or development corporation credit 22 support in force on or before July 23, [2019] 2021, and provided further 23 that the amendments to section 2429-b of the public authorities law made 24 by section 13 of chapter 3 of the laws of 2004 which amended this 25 section shall not cease to be of force and effect prior to the time that 26 full payment of all development corporation credit support obligations 27 has been made or provided for. 28 § 7. Section 2 of chapter 172 of the laws of 2002 amending the public 29 authorities law relating to the powers of the state of New York mortgage 30 agency, as amended by chapter 89 of the laws of 2017, is amended to read 31 as follows: 32 § 2. This act shall take effect immediately and shall remain in full 33 force and effect until July 23, [2019] 2021, whereupon such date the 34 provisions of this act shall expire and be deemed repealed. 35 § 8. Section 4 of chapter 208 of the laws of 2010 amending the public 36 authorities law relating to the powers of the state of New York mortgage 37 agency, as amended by chapter 89 of the laws of 2017, is amended to read 38 as follows: 39 § 4. This act shall take effect immediately, provided that the amend- 40 ments to subdivision 5 of section 2402 of the public authorities law 41 made by section one of this act shall be subject to the expiration and 42 reversion of such subdivision pursuant to section 16 of chapter 915 of 43 the laws of 1982, as amended, when upon such date the provisions of 44 section two of this act shall take effect; further provided that this 45 act shall expire and be deemed repealed July 23, [2019] 2021. 46 § 9. Section 5 of chapter 246 of the laws of 2010 amending the public 47 authorities law relating to the powers of the state of New York mortgage 48 agency, as amended by chapter 89 of the laws of 2017, is amended to read 49 as follows: 50 § 5. This act shall take effect immediately and shall expire and be 51 deemed repealed on and after July 23, [2019] 2021; provided, however, 52 that the amendments to paragraph (c) of subdivision 8 of section 2428 of 53 the public authorities law made by section two of this act shall not 54 affect the expiration of such subdivision and shall be deemed to expire 55 therewith. 56 § 10. This act shall take effect immediately.
