Increases the maximum aggregate principal amount of the outstanding notes and bonds of the New York City Housing Development Corporation from twenty.

The bill amends the private housing finance law to increase the maximum aggregate principal amount of the outstanding notes and bonds of the New York City Housing Development Corporation from twenty billion dollars to twenty-two billion dollars. It specifies that the issuance of bonds or notes is not allowed if it would cause the maximum capital reserve fund requirement to exceed eighty-five million dollars. The act takes effect immediately.

Increases the maximum aggregate principal amount of the outstanding notes and bonds of the New York City Housing Development Corporation from twenty.

The bill amends the private housing finance law to increase the maximum aggregate principal amount of the outstanding notes and bonds of the New York City Housing Development Corporation from twenty billion dollars to twenty-two billion dollars. It specifies that the issuance of bonds or notes is not allowed if it would cause the maximum capital reserve fund requirement to exceed eighty-five million dollars. The act takes effect immediately.