Assembly Bill A4366

2009-2010 Legislative Session

Authorizes the purchase of rehabilitation mortgages by the state of New York mortgage agency

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A4366 (ACTIVE) - Details

See Senate Version of this Bill:
S4680
Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2402, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: A2512, S759
2013-2014: A3317, S2046
2015-2016: A3291, S2275
2017-2018: A3832, S458
2019-2020: A6165, A6862, S960
2021-2022: A5614
2023-2024: A4678

2009-A4366 (ACTIVE) - Summary

Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.

2009-A4366 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4366

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 2009
                               ___________

Introduced  by  M.  of A. FITZPATRICK, ERRIGO, FINCH, BARRA, McKEVITT --
  Multi-Sponsored by -- M. of A.  ALFANO,  BACALLES,  BARCLAY,  BURLING,
  CONTE, CROUCH, GIGLIO, KOLB, McDONOUGH, O'MARA, QUINN, RAIA, SALADINO,
  TEDISCO, THIELE -- read once and referred to the Committee on Housing

AN  ACT  to amend the public authorities law, in relation to authorizing
  the state of New York mortgage agency to purchase rehabilitation mort-
  gages

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  2402 of the public authorities law is amended by
adding two new subdivisions 17 and 18 to read as follows:
  (17) "REHABILITATION". REPAIRS, ALTERATIONS OR IMPROVEMENTS OF A HOUS-
ING ACCOMMODATION DESIGNED TO RAISE THE HOUSING STANDARDS THEREIN.
  (18) "REHABILITATION MORTGAGE". A LOAN EXTENDED BY A BANK, SECURED  BY
A  MORTGAGE ON REAL PROPERTY IMPROVED BY A RESIDENTIAL STRUCTURE FOR THE
FINANCING AND REHABILITATION OF SUCH RESIDENTIAL STRUCTURE WHICH  OTHER-
WISE  COMPLIES  WITH  THE  CONDITIONS ESTABLISHED BY SECTION TWENTY-FOUR
HUNDRED FIVE-F OF THIS PART.
  S 2. The public authorities law is amended by  adding  a  new  section
2405-f to read as follows:
  S  2405-F. PURCHASE OF REHABILITATION MORTGAGES.  (1) A PURPOSE OF THE
AGENCY SHALL BE TO PURCHASE REHABILITATION MORTGAGES FROM  BANKS  WITHIN
THE  STATE  DURING  PERIODS WHEN THERE IS AN INADEQUATE SUPPLY OF CREDIT
AVAILABLE FOR NEW RESIDENTIAL MORTGAGES OR AVAILABLE FOR SUCH  LOANS  AT
CARRYING  CHARGES  WITHIN THE FINANCIAL MEANS OF PERSONS AND FAMILIES OF
LOW AND MODERATE INCOME.
  IT IS HEREBY FOUND AND DECLARED THAT SUCH  ACTIVITIES  BY  THE  AGENCY
WILL ALLEVIATE A CONDITION IN THIS STATE WHICH IS CONTRARY TO THE PUBLIC
HEALTH, SAFETY AND GENERAL WELFARE AND WHICH HAS CONSTITUTED IN THE PAST
AND  FROM  TIME  TO  TIME  IN THE FUTURE CAN BE EXPECTED TO CONSTITUTE A
PUBLIC EMERGENCY. IT IS FURTHER FOUND AND DECLARED  THAT  SUCH  PURPOSES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02876-01-9
              

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