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Assembly approves $5 billion increase to HFA bonding authority to fund affordable housing
Summary
The Assembly passed Assembly Bill 420 to raise the New York State Housing Finance Agency—s bonding cap by $5 billion, to $36.28 billion, to finance new construction, senior and supportive housing and preservation of Mitchell-Lama properties; vote was 103-43 and the measure takes effect immediately.
The New York State Assembly on Monday approved Assembly Bill 420, a rules-report bill that increases the bonding authority of the New York State Housing Finance Agency (HFA) by $5,000,000,000 to a maximum of $36,280,000,000, passing 103-43. The clerk read that the action will take effect immediately.
The bill—s sponsor, Miss Rosenthal, told the chamber, "This bill would increase the bonding authority of the New York State Housing Finance Agency by $5,000,000,000 to a maximum of 36,280,000,000." She said HFA had reached its existing outstanding-debt limit and needed more authority to close new deals.
The measure is intended to allow HFA to fund new construction, senior housing, supportive housing and preservation of Mitchell-Lama properties. Rosenthal…
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