N.Y. Private Housing Finance Law Section 49
State’s right to require redemption of bonds

Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the agency to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than twenty years after the date of the bonds of such issue at one hundred five per centum of their face value and accrued interest or at such lower redemption price as may be provided in the bonds in case of the redemption thereof as a whole on the redemption date. Notice of such redemption shall be published in at least two newspapers publishing and circulating respectively in the cities of Albany and New York at least twice, the first publication to be at least thirty days before the date of redemption. The provisions of this section relating to the state’s right to require redemption of bonds, shall not apply to state-supported debt, as defined in State Finance Law § 67-A (Definitions)section sixty-seven-a of the state finance law, issued by the agency. Such agency bonds shall remain subject to redemption pursuant to any contract with the holders of such bonds.

Source: Section 49 — State's right to require redemption of bonds, https://www.­nysenate.­gov/legislation/laws/PVH/49 (updated Sep. 22, 2014; accessed Dec. 27, 2025).

40
Short title 41
Statement of legislative findings and purposes 42
Definitions 43
New York state housing finance agency 44
Powers of the agency 44–A
Low rent dwelling accommodations 44–B
Mortgage modifications, evidence of pre-existing indebtedness 44–C
Federally-aided mortgage loans 45
Transfer of officers and employees 45–A
Housing trust fund corporation 45–B
Affordable housing corporation 45–C
Homeless housing and assistance corporation 46
Notes and bonds of the agency 47
Reserve funds and appropriations 47–A
State university construction bonds and notes 47–B
Mental hygiene improvement bonds and notes 47–C
Special provisions related to certain bonds and notes 47–D
Health facilities bonds and notes 47–E
Housing program bonds and notes 48
Agreement with the state 49
State’s right to require redemption of bonds 50
Remedies of noteholders and bondholders 51
Monies of the agency 51–A
Federal rental assistance program administrative fees 52
Notes and bonds as legal investment 53
Exemption from taxation of property and income 54
Exemption from taxation of notes and bonds 55
Assistance by state officers, departments, boards and commissions 56
Reports 56–A
Indemnification of members, officers and employees 57
Insured mortgage reserve fund 58
Special revenue housing coverage reserve funds 59
Bond reserve insurance fund 59–A
Housing trust fund account 59–B
Affordable housing development account 59–C
Insured housing initiatives fund 59–D
Turnkey/enhanced housing account 59–E
Infrastructure development fund 59–G
Permanent housing for homeless families fund 59–H
Manufactured home cooperative fund 59–I
Homeless housing and assistance account 60
Housing project repair fund 61
Inconsistent provisions in other laws superseded 61–A
Actions 62
Article not affected if in part unconstitutional
Green check means up to date. Up to date

Verified:
Dec. 27, 2025

Last modified:
Sep. 22, 2014

§ 49. State's right to require redemption of bonds's source at nysenate​.gov

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