Skip to main content

Agora
Sign in

Senate bill · S10446 (2025-26)

Relates to the powers of the New York state housing finance agency

Latest action Jun 4, 2026

New York State Senate

Sponsor

Brian Kavanagh

State Senator, District 27 · Democratic

Follow

Summary

Makes certain powers of the New York state housing finance agency permanent.

Summary from NY Open Legislation. How we handle summaries

Amends the Public Authorities Law.

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

Follow

Following needs an Agora account. You will sign in first, then come back to this page.

Your position on this bill

Choose the position closest to yours. You'll sign in or create an account to save it.

Sign in or create an account to give your position

Purpose, from the sponsor's memo

Section 1 of the bill makes permanent the provisions of chapter 514 of the laws of 1983. These provisions provide authority to HFA and HDC to finance certain multifamily housing projects and includes an opt-in local tax exemption. Section 2 of the bill makes permanent sections one, three, four, five, and six of chapter 396 of the laws of 1984. These provisions provide authority to HFA to finance certain multifamily housing projects. Section 3 of the bill makes permanent sections one through ten of chap- ter 915 of the laws of 1982. These provisions authorize SONYMA to purchase existing mortgages, forward commitment mortgages, and new hous- ing loans. Section 4 of the bill amends PAL 2407 to make permanent SONYMA's author- ity to issue new money taxable and tax-exempt bonds. Section 5 of the bill makes permanent sections six and nine through seventeen of chapter 555 of the laws of 1989 and section thirteen of chapter three of the laws of 2004. The former provisions authorize the MIF to provide mortgage pool insurance, and the latter provision permits development corporation credit support relating to the Jacob Javits Convention Center. Section 6 of the bill makes permanent two amendments to PAL 2426(12): (1) a technical amendment changing the word "chapter" to "part;" and (ii) an amendment that at least 20% of a rehabilitation loan given by SONYMA be used for rehabilitation or construction of improvements. Section 7 of the bill makes permanent the provisions of chapter 208 of the laws of 2010. These provisions amend PAL 2402 to make permanent the definition and use of the term "government sponsored enterprises." Section 8 of the bill makes permanent the provisions of chapter 246 of the laws of 2010. These provisions make two amendments to PAL 2428, authorizing the MIF to provide and insure a one hundred percent preser- vation loan to certain overleveraged affordable multi-family residential buildings with existing indebtedness originating during the period of January 1, 2004, through December 31, 2008, for the purpose of preserv- ing these buildings. Section 9 of the bill provides an immediate effective date.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Passed one of the two chambers; it still needs the other.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

Housing · New York State Assembly

Also referred to Housing, Construction And Community Development · New York State Senate.

The sponsor's argument

Why Brian Kavanagh says this is needed

HFA and HDC are the multi-family housing finance agencies serving the state and New York City, respectively, and together are national leaders in multi-family housing bond financings. SONYMA is the state's only issuer of single-family housing bonds and provides mortgage financing to low- and- moderate income first-time homebuyers. SONYMA's MIF provides mortgage insurance, including pool insurance, for SONYMA's programs and also provides project insurance on multi-family mortgage loans made by HFA, HDC, and other issuers in the state. As illustrated in the summary of provisions, the provisions of the PHFL, RPTL, and PAL that expire on a biannual basis represent core responsi- bilities of HFA, HDC, SONYMA, and the MIF. These provisions further represent foundational definitions within the law, and technical amend- ments that avoid inconsistent and conflictual provisions of law. There is no manifest need to continue extending these provisions every two years, especially since New Yorkers may be at risk if the provisions lapse. To avoid confusion and for legislative economy, the provisions of law represented in this bill should be made permanent.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

  • Vote: Floor vote

    NY SenateJun 4, 2026Result: passed

    (39) (21) (0) (3)

Full history

  1. Jun 4, 2026

    In committee

    COMMITTEE DISCHARGED AND COMMITTED TO RULES

    NY Senate

  2. Jun 4, 2026

    Sent to the executive

    DELIVERED TO ASSEMBLY

    NY Senate

  3. Jun 4, 2026

    Ordered to Third Reading CAL.1768

    ORDERED TO THIRD READING CAL.1768

    NY Senate

  4. Jun 4, 2026

    Passed a chamber

    PASSED SENATE

    NY Senate

  5. Jun 4, 2026

    Referred to committee

    REFERRED TO HOUSING

    NY Assembly

Show full history (1 earlier event)
  1. May 15, 2026

    Referred to committee

    REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

    NY Senate