Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance Hfa topic
No spam. Unsubscribe anytime.
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 told members there are 89 projects in HFA's pipeline totaling about $5,000,000,000 through 2027; she said HFA currently has no remaining room under its bond authority and that outstanding HFA bonds total $18,100,000,000 based on the information provided to the Assembly.
Members pressed for context about timing, reporting and transparency for authorities. One member warned of the state's overall debt load and said he would vote against the bill, saying authorities vary in transparency and that much of the state's debt sits in authorities rather than in state-supported debt. The Republican conference leader, Miss Walsh, said, "The Republican conference will generally be in the negative on this piece of legislation." The majority conference leader, Miss People Stokes, said the majority would support the bill, noting the state's need for more affordable housing: "The majority conference is gonna be in favor of this piece of legislation, fully aware that there is a desperate need to for more affordable housing in our great state."
Sponsors and supporters said the increase aligns with the five-year affordable housing capital plan enacted in the 2022—2023 budget and would provide capacity through 2027. Members asked whether the listed 89 projects are publicly available; Rosenthal said they are part of HFA's five-year capital plan and could be provided.
Votes at a glance
- Assembly Bill 420 (rules report 1): Act to amend the Private Housing Finance Law to increase bonding authority for the New York State Housing Finance Agency by $5,000,000,000 to a maximum of $36,280,000,000. Result: Passed, Ayes 103, Noes 43. Action will take effect immediately.
- Senate Concurrent Resolution 9 (concurrence): Whether the Assembly concurs with Senate Concurrent Resolution 9 (relating to a matter pursuant to Article 7 of the Public Officers Law). Result: Adopted, Ayes 39, Noes 7.
The Assembly completed its remaining housekeeping, and Miss People Stokes moved to adjourn; members reconvened at the time announced for the next session day.
Ending: The bill's passage authorizes HFA to expand borrowing capacity to execute projects listed in its capital plan through 2027; members asked staff for additional detail on project listings and reporting that may follow the measure's enactment.
