New York Laws
Part 1
2407 - Bond Limits.

(2) In connection with the issuance of bonds for the purpose of
furthering programs described in this title, the agency is authorized to
covenant and consent that the interest on any of its bonds, notes or
other obligations shall be includable, under the United States Internal
Revenue Code of 1986, as amended or any subsequent corresponding
internal revenue law of the United States, in the gross income of the
holders of the bonds to the same extent and in the same manner that the
interest on bills, bonds, notes or other obligations of the United
States is includable in the gross income of the holders thereof under
said Internal Revenue Code or any such subsequent law. Pursuant to this
subdivision, the agency shall not issue bonds, notes or other
obligations in an aggregate principal amount exceeding one billion five
hundred million dollars, excluding from such limitation bonds, notes or
other obligations issued to refund outstanding bonds, notes or other
obligations. No such bond, note or other obligation shall be issued by
the agency on or after July twenty-third, two thousand twenty-five,
excluding bonds, notes or other obligations issued to refund outstanding
bonds, notes or other obligations and no mortgages shall be purchased
with the proceeds of such bonds, notes or other obligations after such
date. The board of directors of the agency shall establish program
guidelines for purposes of bonds, notes or other obligations issued
pursuant to this subdivision. The board of directors shall establish
from time to time maximum income limits of persons eligible to receive
mortgages financed by bonds, notes or other obligations issued pursuant
to this subdivision, which income limits with respect to one-third of
the total principal amount of mortgages authorized to be so financed
shall not exceed one hundred twenty-five percent of the latest maximum
income limits permitted under the Internal Revenue Code of 1986, as
amended, for mortgagors financed by mortgage revenue bonds, with respect
to one-third of such principal amount authorized to be so financed,

shall not exceed one hundred thirty-five percent of such income limits,
and with respect to one-third of such principal amount authorized to be
so financed, shall not exceed one hundred fifty percent of such limits,
provided that notwithstanding the foregoing, the maximum income limits
of persons eligible to receive mortgages financed by the agency under
its neighborhood revitalization program (and any successor program)
shall not exceed one hundred fifty percent of the latest maximum income
limits permitted under the Internal Revenue Code of 1986, as amended,
for mortgagors financed by mortgage revenue bonds.
(3) The fixing of the statutory maximums in this section shall not be
construed as constituting a contract between the agency and the holders
of its bonds or notes that additional bonds and notes may not be issued
subsequently by the agency in the event that such statutory maximums
shall subsequently be increased by law.