Bill Text: NY S09052 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to increasing the bond and note authorization of the state of New York mortgage agency from one billion dollars to one billion five hundred million dollars.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-25 - SUBSTITUTED BY A10223 [S09052 Detail]
Download: New_York-2021-S09052-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9052 IN SENATE May 5, 2022 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to increasing the bond and note authorization of the state of New York mortgage agency The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 2407 of the public authorities 2 law, as amended by chapter 232 of the laws of 2021, is amended to read 3 as follows: 4 (2) In connection with the issuance of bonds for the purpose of 5 furthering programs described in this title, the agency is authorized to 6 covenant and consent that the interest on any of its bonds, notes or 7 other obligations shall be includable, under the United States Internal 8 Revenue Code of 1986, as amended or any subsequent corresponding inter- 9 nal revenue law of the United States, in the gross income of the holders 10 of the bonds to the same extent and in the same manner that the interest 11 on bills, bonds, notes or other obligations of the United States is 12 includable in the gross income of the holders thereof under said Inter- 13 nal Revenue Code or any such subsequent law. Pursuant to this subdivi- 14 sion, the agency shall not issue bonds, notes or other obligations in an 15 aggregate principal amount exceeding one billion five hundred million 16 dollars, excluding from such limitation bonds, notes or other obli- 17 gations issued to refund outstanding bonds, notes or other obligations. 18 No such bond, note or other obligation shall be issued by the agency on 19 or after July twenty-third, two thousand twenty-three, excluding bonds, 20 notes or other obligations issued to refund outstanding bonds, notes or 21 other obligations and no mortgages shall be purchased with the proceeds 22 of such bonds, notes or other obligations after such date. The board of 23 directors of the agency shall establish program guidelines for purposes 24 of bonds, notes or other obligations issued pursuant to this subdivi- 25 sion. The board of directors shall establish from time to time maximum 26 income limits of persons eligible to receive mortgages financed by EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15706-01-2S. 9052 2 1 bonds, notes or other obligations issued pursuant to this subdivision, 2 which income limits with respect to one-third of the total principal 3 amount of mortgages authorized to be so financed shall not exceed one 4 hundred twenty-five percent of the latest maximum income limits permit- 5 ted under the Internal Revenue Code of 1986, as amended, for mortgagors 6 financed by mortgage revenue bonds, with respect to one-third of such 7 principal amount authorized to be so financed, shall not exceed one 8 hundred thirty-five percent of such income limits, and with respect to 9 one-third of such principal amount authorized to be so financed, shall 10 not exceed one hundred fifty percent of such limits, provided that 11 notwithstanding the foregoing, the maximum income limits of persons 12 eligible to receive mortgages financed by the agency under its neighbor- 13 hood revitalization program (and any successor program) shall not exceed 14 one hundred fifty percent of the latest maximum income limits permitted 15 under the Internal Revenue Code of 1986, as amended, for mortgagors 16 financed by mortgage revenue bonds. 17 § 2. This act shall take effect immediately.
