Assembly Bill A4409

2009-2010 Legislative Session

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

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-A4409 (ACTIVE) - Details

See Senate Version of this Bill:
S126
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 16-B §§930 - 935, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: A4880, A6896, S1649
2013-2014: A6747

2009-A4409 (ACTIVE) - Summary

Establishes the urban homeowners assistance program to assist first time, low or moderate income, or minority homeowners avoid foreclosure by authorizing and directing the commissioner of the state division of housing and community renewal to enter into contracts with neighborhood preservation companies to provide for such assistance to residents in certain urban communities; makes an appropriation therefor.

2009-A4409 (ACTIVE) - Bill Text download pdf

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

                                  4409

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 4, 2009
                               ___________

Introduced  by M. of A. TOWNS -- Multi-Sponsored by -- M. of A. BRENNAN,
  BURLING, COOK -- read once and referred to the Committee on Housing

AN ACT to amend the private housing finance law, in relation  to  estab-
  lishing  the urban homeowners assistance program; and making an appro-
  priation therefor

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

  Section  1. The private housing finance law is amended by adding a new
article 16-B to read as follows:
                               ARTICLE XVI-B
                 URBAN HOMEOWNERSHIP ASSISTANCE PROGRAM
SECTION 930. DECLARATION OF LEGISLATIVE FINDINGS.
        931. DEFINITIONS.
        932. CONTRACTS WITH NEIGHBORHOOD PRESERVATION COMPANIES.
        933. PAYMENT TO NEIGHBORHOOD PRESERVATION COMPANIES FOR HOMEOWN-
               ERSHIP TECHNICAL ASSISTANCE AND TRAINING.
        934. LEGAL AID AGREEMENTS.
        935. ANNUAL REPORT TO THE LEGISLATURE.
  S 930. DECLARATION OF LEGISLATIVE  FINDINGS.  THE  LEGISLATURE  HEREBY
FINDS  AND DECLARES THAT THERE HAS DEVELOPED A DAMAGING IMPACT OF PREDA-
TORY AND SUBPRIME  RESIDENTIAL  MORTGAGE  LENDING  PATTERNS  IN  VARIOUS
VULNERABLE  NEIGHBORHOODS  AND  COMMUNITIES  OF  THE  STATE AND THAT THE
RELATIONSHIP BETWEEN THE PREDOMINANCE OF SUBPRIME LOANS AND HIGH CONCEN-
TRATIONS OF FORECLOSURE ACTIONS BEING FILED HAS BEEN FORECAST AND CLEAR-
LY DOCUMENTED. THE  LEGISLATURE  FURTHER  FINDS  THAT  THE  SCARCITY  OF
RESOURCES  DEDICATED  TO  HOUSING  COUNSELING  AND  HOME BUYER EDUCATION
SERVICES HAS LEFT MANY FIRST TIME, LOW AND/OR MODERATE INCOME, OR MINOR-
ITY HOMEBUYERS AT RISK.
  THE LEGISLATURE FURTHER FINDS THAT IN  MANY  URBAN  COMMUNITIES  WHERE
SUBPRIME  LENDERS DOMINATE REFINANCING AND HOME EQUITY MORTGAGE MARKETS,
AND WHERE NECESSITY COMBINED WITH POOR DECISION-MAKING OFTEN PLACES  LOW

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02008-01-9
              

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