S T A T E O F N E W Y O R K
________________________________________________________________________
889
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. McDONOUGH, RAIA -- Multi-Sponsored by -- M. of A.
KOLB, THIELE -- read once and referred to the Committee on Housing
AN ACT to amend the public authorities law, in relation to authorizing
the state of New York mortgage agency to issue reverse mortgage loans
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (b) of subdivision 2 of section 2427 of the
public authorities law, as amended by chapter 284 of the laws of 1994,
is amended to read as follows:
(b) to issue commitments to provide and to provide pool insurance for
one or more aggregates of mortgage loans purchased by the agency pursu-
ant to its forward commitment program, or for one or more aggregates of
mortgage loans on single or multi-family residential buildings made by a
domestic not-for-profit corporation whose public purposes include
combating community deterioration and which is approved as a mortgage
lender by the federal housing administration for purposes of insurance
issued by such administration, and which is a qualified seller-servicer
for the federal national mortgage association and the federal home loan
mortgage corporation or for one or more aggregates of preservation loans
made by a financial institution with respect to a building owned by a
cooperative housing corporation, OR FOR ONE OR MORE AGGREGATES OF
REVERSE MORTGAGE LOANS, and
S 2. This act shall take effect immediately provided that the amend-
ments to paragraph (b) of subdivision 2 of section 2427 of the public
authorities law made by section one of this act shall not affect the
expiration of such subdivision and shall be deemed to expire therewith.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01429-01-9