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Tobacco Settlement Financing Corporation
The Tobacco Settlement Financing Corporation is a New York State public-benefit corporation that is administered by New York State Homes and Community Renewal. It used to be a subsidiary to the State of New York Municipal Bond Bank Agency. The Tobacco Settlement Financing Corporation was created as a separate legal subsidiary of the New York State Municipal Bond Bank Agency to securitize a portion of the State's future revenues from its share of the 1998 Master Settlement with the participating cigarette manufacturers in order to make a $4.2 billion payment to State's General Fund. During calendar year 2003, the Tobacco Settlement Financing Corporation issued bonds and remitted the $4.2 billion payment to the State. In 2017, it had operating expenses of $2.94 million, no outstanding debt, and a staffing level of 267 people. See also * Empire State Development Corporation * New York Local Government Assistance Corporation * New York State Housing Finance Agency The New York State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Public-benefit Corporations
New York state public-benefit corporations and authorities operate like quasi-private corporations, with boards of directors appointed by elected officials, overseeing both publicly operated and privately operated systems. Public-benefit nonprofit corporations share characteristics with government agencies, but they are exempt from many state and local regulations. Of particular importance, they can issue their own debt, allowing them to bypass limits on state debt contained in the New York State Constitution. This allows public authorities to make potentially risky capital and infrastructure investments without directly putting the credit of New York State or its municipalities on the line. As a result, public authorities have become widely used for financing public works, and they are now responsible for more than 90% of the state's debt. The growing influence of public authorities over state and local financing, coupled with their ability to avoid regulations applicable to gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Homes And Community Renewal
New York State Homes and Community Renewal (HCR) is New York State's affordable housing lender. Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers. HCR consists of several state agencies and corporations: the New York State Division of Housing and Community Renewal (DHCR), the New York State Housing Finance Agency (HFA), the State of New York Mortgage Agency The State of New York Mortgage Agency (SONYMA) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably pri ... (SONYMA). Together, HCR finances single-family residential mortgages, multifamily lending housing programs and mortgage insurance for both single-family and multifamily housing. It also provides grants to local governments and not-for-profit organizations to subsidize the construction of new housing and renovation of existing housi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Of New York Municipal Bond Bank Agency
The State of New York Municipal Bond Bank Agency (MBBA) was a New York State public-benefit corporation founded in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its bonds and to use the proceeds to buy bonds issued by municipalities. Following its creation there was insufficient interest by municipalities to use MBBA's financial services. In 1991 the cities of Buffalo and Rochester entered into agreements with MBBA to sell their bonds to MBBA in order to refund excess property taxes paid by residents of those cities. In 2017, it had operating expenses of $640,000, an outstanding debt of $402 million, and a staffing level of 269 people It has been absorbed by New York State Homes and Community Renewal. See also * Empire State Development Corporation * New York State Housing Finance Agency * State of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tobacco Master Settlement Agreement
The Tobacco Master Settlement Agreement (MSA) was entered on November 23, 1998, originally between the four largest United States Tobacco industry, tobacco companies (Altria, Philip Morris Inc., R. J. Reynolds Tobacco Company, R. J. Reynolds, Brown & Williamson and Lorillard Tobacco Company, Lorillard – the "original participating manufacturers", referred to as the "Majors") and the attorney general, attorneys general of 46 states. The states settled their Medicaid lawsuits against the tobacco industry for recovery of their tobacco-related health-care costs. In exchange, the companies agreed to curtail or cease certain Tobacco advertising, tobacco marketing practices, as well as to pay, in perpetuity, various annual payments to the states to compensate them for some of the Health care prices, medical costs of caring for persons with smoking-related illnesses. The money also funds a new anti-smoking advocacy group, called the Truth Initiative, that is responsible for such campai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Empire State Development Corporation
Empire State Development (ESD) is the umbrella organization for New York's two principal economic development public-benefit corporations, the New York State Urban Development Corporation (UDC) and the New York Job Development Authority (JDA). The New York State Department of Economic Development (DED) is a department of the New York government that has been operationally merged into ESD. ESD gives its mission as promoting the state economy, encouraging business investment and job creation, and supporting local economies through loans, grants, tax credits, real estate development, marketing and other forms of assistance. History The state Division of Commerce was created in 1941 and subsumed several state bureaus and the Bureau of Industry. It was replaced in 1944 by the state Department of Commerce. The New York State Urban Development Corporation (UDC) was created in 1968 by the York State Urban Development Corporation Act. On August 31, 1987, the Omnibus Economic Developme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Local Government Assistance Corporation
The New York Local Government Assistance Corporation is a New York state public-benefit corporation created in 1990 to issue bonds to decrease the state's reliance on short term loans. Organization Until January 13, 2006, the Local Government Assistance Corporation had a three-member board of directors. The number was increased to seven in 2006. According to the New York State Authorities Budget Office, the Local Government Assistance Corporation had an operating budget of $3 million in 2017 with a staff of 24 people. Bond issuances The Local Government Assistance Corporation has not issued any new bonds since the 1993-94 fiscal year. As of March 31, 2018, there was $1.758 billion in debt outstanding. Controversy There is ongoing debate in New York State politics regarding the size and scope of New York State public benefit corporations, i.e., how many there are, how much debt they carry, how much power they wield to issue bonds for funding, who they are accountable to, etc. For e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Housing Finance Agency
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to build and preserve affordable multifamily rental housing throughout New York State. HFA sells bonds and uses the proceeds to make mortgages to affordable housing developers. It and its subsidiaries are now administered by New York State Homes and Community Renewal. Developers can take advantage of several financing resources when they obtain HFA financing. These include the All Affordable Housing Program for developments in which 100% of the units are affordable; the Mitchell Lama Rehabilitation and Preservation (RAP) program, which helps renovate state-financed Mitchell Lama projects; and the 80/20 New Construction Housing Program, which provides financing for rental projects where at least 20% of the units are set aside for low-income tenants. Organization In 2017, the HFA had operating expenses of $368.76 million, an outstanding debt of $16.780 billion, and a staffi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Benefit Corporations In New York (state)
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociology, sociological concept of the ''Öffentlichkeit'' or public sphere. The concept of a public has also been defined in political science, psychology, marketing, and advertising. In public relations and communication science, it is one of the more ambiguous concepts in the field. Although it has definitions in the theory of the field that have been formulated from the early 20th century onwards, and suffered more recent years from being blurred, as a result of conflation of the idea of a public with the notions of audience, market segment, community, constituency, and stakeholder. Etymology and definitions The name "public" originates with the Latin ''wikt:publicus#Latin, publicus'' (also ''wikt:poplicus#Latin, poplicus''), from ''wikt:populus#Latin, populus'', to the Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics Of New York (state)
New York's legislature constitutional set up is similar to other states in the country. It is a bicameral legislature composed of a Senate house and an Assembly. The Assembly Speaker of the House, Hon. Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins along with the Governor (Kathy Hochul) are responsible for negotiating what becomes law in New York State with the help of each leaders colleagues (assemblymembers, senators, committees). Politics of New York have evolved over time. The Democratic Party dominates politics in the state, with the Democrats representing a plurality of voters in New York State, constituting over twice as many registered voters as any other political party affiliation or lack thereof.NYSVoter Enrollment by County, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
