Pink and White Tulips in New York Botanical Garden
About TFA

    Every day, New York City makes capital investments in its parks, bridges, roads and schools, so that New York continues to be a great place to live, work and visit.  Proceeds from TFA bond issuance are used to finance the City’s capital program. Read the Message from TFA's Chairperson.

Wall Street view of Federal Hall National Memorial

    On May 15, 2018, TFA sold approximately $1.1 billion of Future Tax Secured tax-exempt and taxable subordinate bonds via competitive bid.

    Read the May 15, 2018 press release.

Sidewalk view of Herald Square

    On March 14, 2018, TFA sold approximately $1.1 billion Building Aid Revenue Bonds. During the retail period, TFA received approximately $846 million of orders – one of the highest participation levels by retail investors in recent history.

    Read the March 14, 2018 press release.

Aerial view of Downtown Manhattan
    On October 18, 2017, TFA sold approximately $1.0 billion future tax secured subordinate bonds. During the order period, TFA received $295 million of retail orders and $1.2 billion of institutional orders. Final stated yields ranged from 1.00% in 2019 to 2.92% for the 2045 maturity. Read the October 18, 2017 press release.
TFA 2017 Annual Report Cover

Download and read TFA's Fiscal Year 2017 Annual Report

    TFA posted its Fiscal Year 2017 Annual Report on December 8, 2017. As of June 30, 2017, TFA had $32 billion of Future Tax Secured Bonds, $8 billion of Building Aid Revenue Bonds and $800 million of Recover Bonds outstanding. Download an electronic copy of the Fiscal Year 2017 Annual Report.

New York City Transitional Finance Authority

The TFA is a public benefit corporation whose primary purpose is to finance a portion of New York City’s capital improvement plan. The New York State Legislature approved the law authorizing the creation of the NYC Transitional Finance Authority on March 5, 1997 (Chapter 16 of the Laws of 1997, the “Act”). The Act included governance by a Board of five directors consisting of the following officials of the City: the Director of Management & Budget (who also serves as Chairperson), the Commissioner of Finance, the Commissioner of Design & Construction, the Comptroller, and the Speaker of the City Council.

The Act has been amended several times to increase the amount of debt the TFA is authorized to issue. Most recently, the Act was amended in 2009 which permitted the TFA to have outstanding $13.5 billion of Future Tax Secured Bonds (excluding Recovery Bonds). In addition, the TFA may now issue additional Future Tax Secured Bonds provided that the amount of such additional bonds, together with the amount of indebtedness contracted by the City of New York, does not exceed the debt limit of the City of New York.

In addition, legislation enacted in April 2006 enables the Authority to have outstanding up to $9.4 billion of bonds, notes or other obligations for purposes of funding costs of the five-year educational facilities capital plan for the City school system, which are to be paid for from New York State Building Aid to be received by the Authority subject to annual appropriation by the New York State Legislature.