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Senate Bill S3457

2009-2010 Legislative Session

Relates to the powers of the NYS housing finance agency to finance certain multi-family homes

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2009-S3457 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง44, Pri Hous Fin L

2009-S3457 (ACTIVE) - Summary

Relates to the powers of the NYS housing finance agency to finance certain multi-family homes.

2009-S3457 (ACTIVE) - Sponsor Memo

2009-S3457 (ACTIVE) - Bill Text download pdf 

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

                                  3457

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 19, 2009
                               ___________

Introduced  by  Sen. ESPADA -- (at request of the New York State Housing
  Finance Agency) -- read twice and ordered printed, and when printed to
  be committed to the Committee on Housing, Construction  and  Community
  Development

AN  ACT  to  amend  the  private housing finance law, in relation to the
  powers of the New York state housing finance agency to finance certain
  multi-family housing

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

  Section  1.  Subdivision  29-a  of  section  44 of the private housing
finance law is amended by adding a new paragraph 4 to read as follows:
  (4) NOTWITHSTANDING ANY OTHER PROVISION OF THIS  SUBDIVISION,  IN  THE
EVENT  OBLIGATIONS  OF  THE  AGENCY  ISSUED  TO  FUND  THE  LOAN MADE OR
PURCHASED BY THE AGENCY PURSUANT TO THIS  SECTION  ARE  PURCHASED  BY  A
SOPHISTICATED INVESTOR WITH SUBSTANTIAL NET WORTH, INCOME AND EXPERIENCE
IN THE MARKET PLACE FOR SUCH OBLIGATIONS, THEN SUCH OBLIGATIONS NEED NOT
RECEIVE  A  RATING  FROM  A  RECOGNIZED  RATING  AGENCY,  AND SUCH LOANS
FINANCED WITH SUCH OBLIGATIONS NEED NOT BE FULLY SECURED AS TO PRINCIPAL
AND INTEREST BY INSURANCE OR A COMMITMENT TO INSURE ISSUED BY THE  STATE
OF NEW YORK MORTGAGE AGENCY OR BY THE GENERAL CREDIT OF A BANK, NATIONAL
BANK,  TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, INSUR-
ANCE COMPANY, GOVERNMENTAL AGENCY OF THE UNITED STATES, OR ANY  COMBINA-
TION THEREOF.
  S  2. This act shall take effect immediately; provided that the amend-
ments to subdivision 29-a of section 44 of the private  housing  finance
law  made by section one of this act shall not affect the repeal of such
subdivision and shall be deemed to be repealed therewith.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09039-01-9

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