senate Bill S6898

Extends provisions relating to the powers of the state of New York mortgage agency

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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

  • 09 / Apr / 2012
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 20 / Jun / 2012
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 21 / Jun / 2012
    • ORDERED TO THIRD READING CAL.1514
  • 21 / Jun / 2012
    • SUBSTITUTED BY A10048

Summary

Extends provisions relating to the powers of the state of New York mortgage agency.

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Bill Details

See Assembly Version of this Bill:
A10048
Versions:
S6898
Legislative Cycle:
2011-2012
Law Section:
Public Authorities
Laws Affected:
Amd ยง5, Chap 246 of 2010

Votes

Sponsor Memo

BILL NUMBER:S6898

TITLE OF BILL:

An act to amend chapter 246 of the laws of 2010 amending the public
authorities law relating to the powers of the state of New York mortgage
agency, in relation to extending the provisions thereof

PURPOSE OF THE BILL:

This bill would for two years the State of New York Mortgage Agency
Mortgage Insurance Fund's ("MIF") authority to insure the full principal
amount of certain preservation loans (originated between January 1, 2004
and December 31, 2008) thereby enabling the MIF to provide needed
support for the refinancing of certain multi-family affordable housing
accommodations which became over leveraged during the current housing
crisis.

SUMMARY OF PROVISIONS:

Section 1 of the bill would amend Chapter 246 of the Laws of 2010 to
extend until June 30, 2014, MIF's authority to provide one hundred
percent mortgage insurance on certain loans that (originated between
January 1, 2004 and December 31, 2008) extended for the sole purpose of
refinancing existing indebtedness which relate to over leveraged multi-
family residential buildings.

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:

MIF has the authority sought in this bill only through June 30, 2012.

PRIOR LEGISLATIVE HISTORY:

This authority was originally granted for two years in Chapter 246 of
the Laws of 2010.

STATEMENT IN SUPPORT:

This bill would extend for two years MIF's authority to provide one
hundred percent mortgage insurance on certain loans (originated between
January 1, 2004 and December 31, 2008) extended for the sale purpose of
refinancing existing indebtedness relating to over-leveraged multi-fami-
ly residential buildings.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.

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

                                  6898

                            I N  S E N A T E

                              April 9, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the  Committee  on  Corporations,  Authorities  and
  Commissions

AN  ACT  to  amend  chapter  246 of the laws of 2010 amending the public
  authorities law relating to the powers of the state of New York  mort-
  gage agency, in relation to extending the provisions thereof

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

  Section 1. Section 5 of chapter 246 of the laws of 2010  amending  the
public  authorities  law relating to the powers of the state of New York
mortgage agency, is amended to read as follows:
  S 5. This act shall take effect immediately and shall  expire  and  BE
deemed  repealed   on and after June 30, [2012] 2014; provided, however,
that the amendments to paragraph (c) of subdivision 8 of section 2428 of
the public authorities law made by section two of  this  act  shall  not
affect  the expiration of such subdivision and shall be deemed to expire
therewith.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14298-01-2

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