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

Where it stands

Signed into law.

Housing · New York State Assembly

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

Purpose, from the sponsor's memo

Section 1 of the bill extends, until July 23, 2027, HFA's and HDC's authority to finance certain multifamily housing projects. Section 2 of the bill extends, until July 23, 2027, HFA's authority to finance certain multifamily housing projects. Section 3 of the bill extends, until July 23, 2027, SONYMA's authority to purchase forward commitment mortgages. Section 4 of the bill extends, until July 23, 2027, SONYMA's authority to issue new money taxable and tax-exempt bonds, increases certain limits on SONYMA' s authority to issue such bonds, and increases the cap on the amount of tax-exempt bonds that can be blended with proceeds of taxable bonds by SONYMA. Section 5 of the bill extends, until July 23, 2027, the sunset date of (i) sections six and nine through seventeen of legislation enacted in 1989 that broadened the scope of the MIF to provide primary mortgage insurance on a statewide basis to individual homeowners and to provide pool insurance to all of SONYMA's loans, and (ii) section 13 of legis- lation enacted in 2004 concerning development corporation credit support relating to the Jacob Javits Convention Center. Section 6 of the bill extends, until July 23, 2027, the sunset date of the requirement that at least 20% of a rehabilitation loan given by SONYMA be used for rehabilitation or construction of improvementi. Section 7 of the bill extends, until July 23, 2027, the sunset date regarding the definition of government sponsored enterprises ("GSE"). Section 8 of the bill extends, until July 23, 2027, the sunset date regarding the authorization of the MIF to provide one hundred percent mortgage insurance on certain loans extended for the sole purpose of refinancing existing indebtedness which relates to over-leveraged multi-family residential buildings. Section 9 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 SenateJun 9, 2025Result: passedSenate vote on A8571, the matching Assembly bill.

  Voted yes (62)Voted no (0)Voted present (0)Absent (1)

  See member positions for the vote on Jun 9, 2025 (Floor vote)

• Vote: Committee vote · Rules

  Senate RulesJun 4, 2025Result: passed

  Voted yes (20)Voted no (0)Voted present (0)Absent (1)

  See member positions for the vote on Jun 4, 2025 (Committee vote · Rules)

• Vote: Committee vote · Housing, Construction And Community Development

  Senate Housing, Construction And Community DevelopmentMay 28, 2025Result: passed

  Voted yes (10)Voted no (0)Voted present (0)Absent (1)

  See member positions for the vote on May 28, 2025 (Committee vote · Housing, Construction And Community Development)

Full history

1. Jun 26, 2025

   Sent to the executive

   DELIVERED TO GOVERNOR

   NY Assembly

2. Jun 26, 2025

   Signed

   SIGNED CHAP.170

   NY Assembly

3. Jun 9, 2025

   3RD Reading CAL.1570

   3RD READING CAL.1570

   NY Senate

4. Jun 9, 2025

   Sent to the executive

   DELIVERED TO SENATE

   NY Assembly

5. Jun 9, 2025

   Passed a chamber

   PASSED ASSEMBLY

   NY Assembly

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 22, 2026. About our data

Read the record

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