Increases the New York state housing finance agency bonding authority

Latest action Jan 27, 2025

Increases the New York state housing finance agency bonding authority to $36,280,000,000.

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Where it stands

Signed into law.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A420, the matching bill in the Assembly.

Passed as A420, the matching Assembly bill.

Amends the Private Housing Finance Law.

Committee

Housing · New York State Assembly

Also referred to Rules · New York State Assembly, Rules · New York State Senate.

Purpose, from the sponsor's memo

Section 1 of the bill increases HFA's bonding authority by $5 billion to a maximum aggregate of $36.28 billion. Section 2 of the bill provides for an immediate effective date.

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

Recorded votes

Vote: Floor vote
NY SenateJan 14, 2025Result: passedSenate vote on A420, the matching Assembly bill.
(60) (0) (0) (3)
Vote: Committee vote · Rules
Senate RulesJan 13, 2025Result: passed
(21) (0) (0) (0)

The sponsor's argument

Why Brian Kavanagh says this is needed

HFA has historically received an increase of bonding authority, between $2 billion and $3 billion, every two years. HFA has not received such an increase in almost four years. In 2021, HFA received its most recent increase of bonding authority, at $2 billion. In 2019, HFA received a $2.5 billion increase. In 2017, HFA received a $2.5 billion increase. In 2015, HFA received a $3 billion increase. This proposed bonding increase will enable HFA to continue to meet the housing demands of New Yorkers, as well as help create jobs and provide economic stimulus. HFA currently has a substantial pipeline of financing requests that will result in both the creation and preservation of affordable housing across New York State. The $5 billion increase considers the remaining bond authority available to HFA, possible increases in the allocation of Private Activity Bonds to New York State, and potential future taxable bond transactions.

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.

Full history

Jan 27, 2025
Signed
SIGNED CHAP.3
NY Assembly
Jan 23, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Jan 14, 2025
3RD Reading CAL.10
3RD READING CAL.10
NY Senate
Jan 14, 2025
Passed a chamber
PASSED SENATE
NY Senate
Jan 14, 2025
Substituted
SUBSTITUTED FOR S735
NY Senate

Show full history (8 earlier events)

Jan 13, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Jan 13, 2025
Ordered to Third Reading CAL.10
ORDERED TO THIRD READING CAL.10
NY Senate
Jan 13, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Jan 13, 2025
Referred to committee
REFERRED TO RULES
NY Senate
Jan 13, 2025
Reported out of committee
REPORTED REFERRED TO WAYS AND MEANS
NY Assembly
Jan 13, 2025
Rules Report CAL.1
RULES REPORT CAL.1
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO HOUSING
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO RULES
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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