The Tobacco Settlement Financing Corporation is a
New York State public-benefit corporation that is administered by
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 corporat ...
. 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
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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). T ...
*
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 Assi ...
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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 mor ...
References
External links
NYSHCR web page describing TSFC role
{{New York state public-benefit corporations
Public benefit corporations in New York (state)
Politics of New York (state)
Public benefit corporations