Increases the bonding authority of the New York City Housing Development Corporation from $19 billion to $20 billion.

This bill amends the private housing finance law to increase the bonding authority of the New York City Housing Development Corporation from $19 billion to $20 billion. The corporation is prohibited from issuing bonds if the issuance would exceed the lesser of $20 billion or the amount that would cause the maximum capital reserve fund requirement to exceed $85 million. The bill also allows the maximum capital reserve fund requirement to equal or exceed the amount that would be effective upon the issuance of the bonds, but it cannot exceed $85 million. The act takes effect immediately.

Increases the bonding authority of the New York City Housing Development Corporation from $19 billion to $20 billion.

This bill amends the private housing finance law to increase the bonding authority of the New York City Housing Development Corporation from $19 billion to $20 billion. The corporation is prohibited from issuing bonds if the issuance would exceed the lesser of $20 billion or the amount that would cause the maximum capital reserve fund requirement to exceed $85 million. The bill also allows the maximum capital reserve fund requirement to equal or exceed the amount that would be effective upon the issuance of the bonds, but it cannot exceed $85 million. The act takes effect immediately.