Increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation

Latest action Oct 16, 2025

Increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation.

Not chosen yet

Where it stands

Signed into law.

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

New York State Senate

Same as A8589, the matching bill in the Assembly.

Passed as A8589, the matching Assembly bill.

Amends the Private Housing Finance Law.

Committee

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 amends subdivision one of Section 1102 of the PHFL, as amended by chapter 235 of the laws of 2021, increasing the maximum cap on HTFC payments, grants, and loans from $125,000 to $250,000 per dwelling unit and clarifying that HTFC may make a finding to exceed this cap in certain circumstances. 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 SenateJun 10, 2025Result: passedSenate vote on A8589, the matching Assembly bill.
(57) (1) (0) (5)
Vote: Committee vote · Rules
Senate RulesJun 10, 2025Result: passed
(19) (0) (0) (2)
Vote: Committee vote · Housing, Construction And Community Development
Senate Housing, Construction And Community DevelopmentMay 28, 2025Result: passed
(9) (1) (0) (1)

The sponsor's argument

Why Brian Kavanagh says this is needed

HTFC is currently limited to a maximum loan and grant amount of $125,000 per unit. The current $125,000 per unit cap was set in 2008 and has not been revised since that time. Over the past decade and a half, land and construction costs have risen dramatically, driving up the costs of affordable housing. To keep pace with the rising costs of housing devel- opment, this increase in the per unit maximum is necessary to ensure that HTFC will continue to be able to develop affordable housing across New York State. Existing law also suggests that HTFC may provide addi- tional funds in certain circumstances, and this legislation would clari- fy such authority.

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

Oct 16, 2025
Signed
SIGNED CHAP.462
NY Assembly
Oct 9, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Jun 10, 2025
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate
Jun 10, 2025
Ordered to Third Reading CAL.1780
ORDERED TO THIRD READING CAL.1780
NY Senate
Jun 10, 2025
Passed a chamber
PASSED SENATE
NY Senate

Show full history (11 earlier events)

Jun 10, 2025
Substituted
SUBSTITUTED BY A8589
NY Senate
Jun 4, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Jun 4, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Jun 4, 2025
Referred to committee
REFERRED TO RULES
NY Senate
Jun 4, 2025
Reported out of committee
REPORTED
NY Assembly
Jun 4, 2025
Rules Report CAL.408
RULES REPORT CAL.408
NY Assembly
May 29, 2025
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
May 28, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
May 28, 2025
Reported out of committee
REPORTED REFERRED TO WAYS AND MEANS
NY Assembly
May 21, 2025
Referred to committee
REFERRED TO HOUSING
NY Assembly
May 19, 2025
Referred to committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
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 22, 2026. About our data

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

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