Relates to increasing the bonding authority of the New York city housing development corporation

Where it stands

Signed into law.

Housing · New York State Assembly

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

Purpose, from the sponsor's memo

Section one of this bill would authorize the New York City Housing Development Corporation ("HDC" or the "Corporation") to increase the maximum aggregate principal amount of its outstanding notes and bonds from $19 billion to $20 billion. Section two would provide that this bill takes effect immediately. REASONS FOR SUPPORT: HDC is the nation's largest municipal housing finance agency and annual- ly ranks among the nation's top issuers of mortgage revenue bonds for affordable multi-family housing. HDC is responsible for issuing tax-ex- empt, taxable, and recycled tax-exempt bonds in order to advance the City's affordable housing priorities. Since 2003, HDC has financed more than 201,000 housing units using over $29 billion in bonds and other debt obligations. By the end of December 2024, HDC had approximately $17.3 billion of bonds sold or outstanding. The Corporation expects to issue approximate- ly $2.3 billion in bonds during calendar year 2025, and anticipates exceeding its bonding authority by September 2025. Increasing HDC's bonding authority by $1 billion is necessary to ensure that HDC is able to continue financing affordable housing in New York City. An increase to HDC's bond cap will enable HDC to continue its mission to expand and preserve the City's supply of affordable and public housing, which is more critical than ever in the wake of the pandemic. HDC bond issuances are crucial to the creation of new housing that serves some of the most vulnerable New Yorkers, including our aging seniors, formerly homeless, and lowest-income households; to preserving the affordability and long-term financial and physical health of the existing affordable housing stock, including the City's Mitchell-Lama developments; and to investing in much-needed improvements to the City's aging public housing, while ensuring lasting protections for residents. The City has long faced a dire affordable housing crisis, resulting in a lengthy pipeline of housing projects in need of financing. As the City's affordable housing needs continue to grow, HDC requires regular increases to its bonding authority. The $1 billion increase sought this year will support the creation and preservation of much-needed afforda- ble rental and homeownership opportunities, while further helping to stimulate a recovering economy through job creation. Accordingly, the Mayor urges the earliest possible favorable consider- ation of this proposal by the Legislature.

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

Recorded votes

• Vote: Floor vote

  NY SenateJun 10, 2025Result: passed

  Voted yes (53)Voted no (5)Voted present (0)Absent (5)

  See member positions for the vote on Jun 10, 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)

Full history

1. Aug 26, 2025

   Signed

   SIGNED CHAP.360

   NY Senate

2. Aug 22, 2025

   Sent to the executive

   DELIVERED TO GOVERNOR

   NY Senate

3. Jun 10, 2025

   Sent to the executive

   DELIVERED TO ASSEMBLY

   NY Senate

4. Jun 10, 2025

   Ordered to Third Reading Rules CAL.541

   ORDERED TO THIRD READING RULES CAL.541

   NY Assembly

5. Jun 10, 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.

Cosponsors

The list shows the cosponsors who are on Agora, A to Z. The official record may list more.

Party colors

Parties are shown in the same neutral colors.

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.