senate Bill S126

2009-2010 Legislative Session

Establishes the urban homeowners assistance program to assist first time, low or moderate income, or minority homeowners to avoid foreclosure; appropriation

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2010 referred to housing, construction and community development
Mar 18, 2009 committee discharged and committed to housing, construction and community development
Jan 07, 2009 referred to finance

S126 - Bill Details

See Assembly Version of this Bill:
A4409
Current Committee:
Law Section:
Appropriations

S126 - Bill Texts

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BILL NUMBER: S126

TITLE OF BILL :
An act to amend the private housing finance law, in relation to
establishing the urban homeowners assistance program; and making an
appropriation therefor


PURPOSE :
Authorizes contracts for the release of grant moneys to neighborhood
preservation companies to provide home ownership assistance
activities.

SUMMARY OF PROVISIONS :
The private housing finance law is amended by adding a new article
16-B to define the urban home ownership assistance program.

JUSTIFICATION :
There is currently a mortgage crisis in the United States and the
State of New York. Rising interest rates are dramatically increasing
the amounts of required monthly mortgage payments for home owners who
financed their property by using Adjustable Rate Mortgages. In some
cases consumers are required to pay double what their former payments
were under their old rates. In addition, "Interest Only" payment
plans, "No Money Down" and 40-year mortgage loans are also leading
consumers to greater hardship and financial difficulty. Inability to
pay mortgages leads more consumers to bankruptcy or foreclosure.

Home owners in danger of foreclosure are in need of technical and
legal assistance. New home owners are in need of financial literacy to
advise them on the perils and pitfalls of the various mortgages
available in the market. Providing funds to enable these homeowners to
consul with professionals, such as the neighborhood preservation
companies, can save New York consumers time, money, frustration and
legal peril.

EXISTING LAW :
None.

LEGISLATIVE HISTORY :
S.5936 of 2007 05/24/07 Referred to Finance

FISCAL IMPLICATIONS :
Unknown at present time.

LOCAL FISCAL IMPLICATIONS :
None.

EFFECTIVE DATE :
This act shall take effect immediately.
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