S T A T E   O F   N E W   Y O R K
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                                  4865

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2009
                               ___________

Introduced by M. of A. ALESSI -- Multi-Sponsored by -- M. of A. BENEDET-
  TO,  ESPAILLAT,  FIELDS,  JAFFEE,  MAYERSOHN, WEISENBERG, ZEBROWSKI --
  read once and referred to the Committee on Housing

AN ACT to amend the public authorities law, in relation to doubling  the
  maximum allowable income limitations for volunteer firefighters eligi-
  bility to obtain a SONYMA mortgage

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

  Section 1. Subdivision 2 of section 2407  of  the  public  authorities
law,  as  amended by chapter 148 of the laws of 2008, is amended to read
as follows:
  (2) In connection with the  issuance  of  bonds  for  the  purpose  of
furthering programs described in this title, the agency is authorized to
covenant  and  consent  that  the interest on any of its bonds, notes or
other obligations shall be includable, under the United States  Internal
Revenue  Code of 1986, as amended or any subsequent corresponding inter-
nal revenue law of the United States, in the gross income of the holders
of the bonds to the same extent and in the same manner that the interest
on bills, bonds, notes or other obligations  of  the  United  States  is
includable  in the gross income of the holders thereof under said Inter-
nal Revenue Code or any such subsequent law. Pursuant to  this  subdivi-
sion, the agency shall not issue bonds, notes or other obligations in an
aggregate  principal  amount  exceeding  eight  hundred million dollars,
excluding from such limitation bonds, notes or other obligations  issued
to  refund  outstanding bonds, notes or other obligations. No such bond,
note or other obligation shall be issued by the agency on or after  July
sixteenth,  two  thousand  nine,  excluding  bonds, notes or other obli-
gations issued to refund outstanding bonds, notes or  other  obligations
and  no  mortgages  shall  be purchased with the proceeds of such bonds,
notes or other obligations after such date. The board  of  directors  of
the  agency  shall  establish  program guidelines for purposes of bonds,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06472-01-9
              

A. 4865                             2

notes or other obligations issued  pursuant  to  this  subdivision.  The
board  of  directors  shall  establish  from time to time maximum income
limits of persons eligible to receive mortgages financed by bonds, notes
or  other  obligations issued pursuant to this subdivision, which income
limits with respect to one-third of the total principal amount of  mort-
gages  authorized to be so financed shall not exceed one hundred twenty-
five percent of the latest maximum income  limits  permitted  under  the
Internal  Revenue  Code  of 1986, as amended, for mortgagors financed by
mortgage revenue bonds, with respect  to  one-third  of  such  principal
amount  authorized to be so financed, shall not exceed one hundred thir-
ty-five percent of such income limits, and with respect to one-third  of
such principal amount authorized to be so financed, shall not exceed one
hundred fifty percent of such limits.
  THE  MAXIMUM INCOME LIMITATIONS, AS ESTABLISHED BY THE BOARD OF DIREC-
TORS, SHALL BE DOUBLED FOR ANY INDIVIDUAL WHO IS A MEMBER OF A VOLUNTEER
FIRE DEPARTMENT FOR FIVE OR MORE YEARS.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.