New York State’s housing agencies last week officially consolidated into a single organization called New York State Homes and Community Renewal. The merger of the Division of Housing and Community Renewal with state affordable housing bond issuers and other agencies into a single entity was included in the state’s fiscal 2011 budget.
The New York State Housing Finance Agency and State of New York Mortgage Agency will continue to issue bonds under their own names but will be part of a larger management structure within the new organization. HFA issues multifamily bonds whereas SONYMA issues single-family bonds. The issuers already shared staff and operated under the rubric “nyhomes.” Thomson Reuters, which lists the two issuers as one, ranked them as the top issuer of housing bonds in 2009, with 18 issues totalling $1.22 billion.