Assembly Bill A9547A

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

                                 9547--A

                          I N  A S S E M B L Y

                            January 14, 2010
                               ___________

Introduced  by  M.  of A. JEFFRIES, V. LOPEZ, ROSENTHAL, CASTRO, HOOPER,
  BING,   CAMARA,   CRESPO,   REILLY,   CYMBROWITZ,   LIFTON,    WRIGHT,
  PEOPLES-STOKES,  BENJAMIN, MILLMAN, JAFFEE, BARRON, ROBINSON -- Multi-
  Sponsored by -- M. of A.  BRENNAN, DenDEKKER, FARRELL, GLICK, HEASTIE,
  LENTOL, PHEFFER -- read once and referred to the Committee on  Housing
  -- reported and referred to the Committee on Ways and Means -- commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee

AN ACT to amend the public authorities law, in relation to the insurance
  of certain preservation loans by the state of New York mortgage agency
  mortgage  insurance  fund;  and  providing  for  the  repeal  of  such
  provisions upon expiration thereof

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

  Section 1. Section 2428 of the public authorities law  is  amended  by
adding a new subdivision 2-a to read as follows:
  2-A.  THE  AGENCY  MAY  ISSUE A COMMITMENT TO PROVIDE AND MAY INSURE A
PRESERVATION LOAN IN AN AMOUNT EQUAL TO THE FULL  OUTSTANDING  PRINCIPAL
INDEBTEDNESS OF SUCH PRESERVATION LOAN IF: (A) THE EXISTING INDEBTEDNESS
SHALL  HAVE  BEEN  ORIGINATED  DURING THE PERIOD FROM JANUARY FIRST, TWO
THOUSAND FOUR THROUGH DECEMBER THIRTY-FIRST, TWO THOUSAND EIGHT; (B) THE
AMOUNT OF EACH INSURED PRESERVATION LOAN SHALL NOT  EXCEED  ONE  HUNDRED
FIFTY  MILLION  DOLLARS;  (C)  SUCH  PRESERVATION LOAN SHALL PRESERVE OR
CREATE AFFORDABLE HOUSING ACCOMMODATIONS; AND (D) THE PRESERVATION  LOAN
SHALL HAVE BEEN MADE BY A PUBLIC BENEFIT CORPORATION OF THE STATE OF NEW
YORK  WHICH PUBLIC BENEFIT CORPORATION HAS ISSUED OR WILL ISSUE BONDS OR
NOTES, SOME OR ALL OF THE PROCEEDS OF WHICH BONDS OR  NOTES  SHALL  HAVE
BEEN,  OR WILL BE, USED TO MAKE SUCH PRESERVATION LOAN, OR THE PRESERVA-
TION LOAN SHALL HAVE BEEN MADE BY A PUBLIC EMPLOYEE PENSION FUND.
  S 2. Paragraph (c) of subdivision 8 of  section  2428  of  the  public
authorities  law,  as  amended  by  chapter  113 of the laws of 2000, is
amended to read as follows:
  (c) The agency shall not issue a commitment to  insure  nor  shall  it
provide  loan insurance for a preservation loan unless: (i) such loan is

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

                                                           LBD15317-02-0

A. 9547--A                          2

made with respect to a one to four family dwelling; or (ii) such loan is
made with respect to a building, which on the  effective  date  of  this
subparagraph,  is  owned by a cooperative housing corporation formed for
the  purpose  of the cooperative ownership of residential real estate in
the state where such refinancing is not  otherwise  available  and  such
loan  will  facilitate  or accommodate affordable homeownership opportu-
nities; or (iii) such loan is made with respect to the real property and
improvements owned by a cooperative housing corporation formed  for  the
purpose  of  the cooperative ownership of residential manufactured homes
in the state where such refinancing is not otherwise available and  such
loan  will  facilitate  or accommodate affordable homeownership opportu-
nities; OR (IV) SUCH LOAN IS MADE WITH RESPECT TO MULTI-FAMILY  RESIDEN-
TIAL  BUILDINGS  WITH EXISTING INDEBTEDNESS ORIGINATED DURING THE PERIOD
FROM JANUARY FIRST, TWO THOUSAND FOUR THROUGH DECEMBER THIRTY-FIRST, TWO
THOUSAND EIGHT, WHERE SUCH LOAN WILL FACILITATE OR ACCOMMODATE THE PRES-
ERVATION OF AFFORDABLE HOUSING ACCOMMODATIONS.
  S 3. Construction. This act and all powers  granted  hereby  shall  be
liberally construed to effectuate its intent and their purposes, without
implied limitations thereon. This act shall constitute full and complete
authority  for all things herein contemplated to be done. All rights and
powers herein granted shall be cumulative with those derived from  other
sources  and  shall not, except as expressly stated herein, be construed
in limitation thereof. Insofar as the provisions of this act are  incon-
sistent  with  the  provisions of any other act, general or special, the
provisions of this act shall be controlling.
  S 4. Severability clause. If any clause, sentence, paragraph,  section
or  part  of this act be adjudged by any court of competent jurisdiction
to be invalid, such judgment shall not affect, impair or invalidate  the
remainder  hereof  but  shall be applied in its operation to the clause,
sentence, paragraph, section or part hereof  directly  involved  in  the
controversy in which such judgment shall have been rendered.
  S  5.  This  act  shall  take  effect immediately and shall expire and
deemed repealed  on and after June 30, 2012; 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  there-
with.