senate Bill S2505

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 24 / Jan / 2011
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 02 / Jun / 2011
    • 1ST REPORT CAL.983
  • 06 / Jun / 2011
    • 2ND REPORT CAL.
  • 07 / Jun / 2011
    • ADVANCED TO THIRD READING
  • 13 / Jun / 2011
    • PASSED SENATE
  • 13 / Jun / 2011
    • DELIVERED TO ASSEMBLY
  • 13 / Jun / 2011
    • REFERRED TO JUDICIARY
  • 04 / Jan / 2012
    • DIED IN ASSEMBLY
  • 04 / Jan / 2012
    • RETURNED TO SENATE
  • 04 / Jan / 2012
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Summary

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

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Bill Details

See Assembly Version of this Bill:
A1253
Versions:
S2505
Legislative Cycle:
2011-2012
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2405-f, Pub Auth L
Versions Introduced in Previous Legislative Cycles:
2009-2010: S5127, A4083
2007-2008: A6054

Sponsor Memo

BILL NUMBER:S2505

TITLE OF BILL:
An act
to amend the public authorities law, in relation to authorizing the state
of New York mortgage agency to purchase veterans' assisted forward
commitment mortgages from banks within the state

PURPOSE OR GENERAL IDEA OF BILL:
This legislation would authorize SONYMA to purchase Veterans Assisted
Forward Commitment Loans from banks, which would further assist
veterans in purchasing homes with low down payments and at favorable
interest rates.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1-S0NYMA may purchase veterans' assisted forward commitment
mortgages from banks at such prices and upon such terms and
conditions it shall determine. The board of directors of the agency
shall establish from time to time maximum income limits of persons
eligible to receive such mortgages, which income limits shall not
exceed the latest maximum income limits permitted under the internal
revenue code of 1986.

Section 2-Effective date.

JUSTIFICATION:
This legislation will make it easier for veterans to secure low
interest and low down payment mortgages through SONYMA. This will
allow more veterans to afford mortgages in New York State.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall become
a law.

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

                                  2505

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 24, 2011
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend the public authorities law, in relation  to  authorizing
  the  state  of New York mortgage agency to purchase veterans' assisted
  forward commitment mortgages from banks within the state

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

  Section  1.  The  public  authorities  law  is amended by adding a new
section 2405-f to read as follows:
  S 2405-F. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
(1) IN ACCORDANCE WITH THE AUTHORITY SET FORTH  IN  SECTION  TWENTY-FOUR
HUNDRED  FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS' ASSISTED
FORWARD COMMITMENT MORTGAGES FROM BANKS AT SUCH  PRICES  AND  UPON  SUCH
TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
PURCHASING  VETERANS'  ASSISTED FORWARD COMMITMENT MORTGAGES, THE AGENCY
SHALL BE GOVERNED BY SECTION TWENTY-FOUR HUNDRED FIVE-B  OF  THIS  PART.
THE  BOARD  OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME TO TIME
MAXIMUM INCOME LIMITS OF PERSONS ELIGIBLE  TO  RECEIVE  SUCH  MORTGAGES,
WHICH  INCOME  LIMITS  SHALL NOT EXCEED THE LATEST MAXIMUM INCOME LIMITS
PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
GAGES FINANCED BY MORTGAGE REVENUE BONDS.
  (2) FOR PURPOSES OF THIS SECTION THE FOLLOWING TERMS  SHALL  HAVE  THE
FOLLOWING MEANINGS:
  "VETERAN"  MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL, OR
AIR SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A  RECIPI-
ENT  OF  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY MEDAL,
MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
ARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER  HONORABLE
CONDITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01431-01-1

S. 2505                             2

  "SERVICE  DURING  A TIME OF WAR" MEANS: (A) THE INDIVIDUAL IN QUESTION
WAS A RECIPIENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, THE NAVY EXPED-
ITIONARY MEDAL OR THE MARINE CORPS EXPEDITIONARY MEDAL FOR PARTICIPATION
IN OPERATIONS IN LEBANON FROM JUNE FIRST, NINETEEN HUNDRED  EIGHTY-THREE
TO  DECEMBER FIRST, NINETEEN HUNDRED EIGHTY-SEVEN, IN GRENADA FROM OCTO-
BER   TWENTY-THIRD,   NINETEEN   HUNDRED   EIGHTY-THREE   TO    NOVEMBER
TWENTY-FIRST,  NINETEEN HUNDRED EIGHTY-THREE, OR IN PANAMA FROM DECEMBER
TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANUARY  THIRTY-FIRST,  NINE-
TEEN HUNDRED NINETY; OR
  (B)  THE  INDIVIDUAL  SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE  OF  THE  FOLLOWING
WARS OR HOSTILITIES:
  (I)  IN  THE  SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH  DAY  OF  APRIL,  EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (II)  IN  THE  PHILIPPINE  INSURRECTION OR THE CHINA RELIEF EXPEDITION
FROM THE ELEVENTH DAY OF APRIL,  EIGHTEEN  HUNDRED  NINETY-NINE  TO  THE
FOURTH DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (III)  IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINE-
TEEN HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVEN-
TEEN, INCLUSIVE;
  (IV) IN WORLD WAR I FROM THE SIXTH  DAY  OF  APRIL,  NINETEEN  HUNDRED
SEVENTEEN  TO  THE  ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
INCLUSIVE;
  (V) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE  TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN   HUNDRED
FORTY-SIX, INCLUSIVE;
  (VI)  IN  THE  KOREAN HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
NINETEEN HUNDRED FIFTY TO THE  THIRTY-FIRST  DAY  OF  JANUARY,  NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (VII)  IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY,  NINETEEN  HUNDRED
SEVENTY-FIVE;
  (VIII)  IN  THE  PERSIAN  GULF CONFLICT FROM THE SECOND DAY OF AUGUST,
NINETEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  (3) FOR ANY VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGE, THE  MAXI-
MUM  LOAN-TO-VALUE  RATIO  SHALL  BE ESTABLISHED BY THE AGENCY, PROVIDED
THAT SUCH LOAN SHALL NOT EXCEED NINETY-NINE  PERCENT  OF  THE  APPRAISED
VALUE OF THE MORTGAGED PREMISES.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.

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