Do you support this bill?

Senate Bill S6657A

Signed By Governor

2009-2010 Legislative Session

Relates to the insurance of certain preservation loans of the state of New York mortgage agency mortgage insurance fund

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9547 - Signed by Governor

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

Votes

Bill Amendments

2009-S6657 - Details

See Assembly Version of this Bill:
A9547
Law Section:
Public Authorities Law
Laws Affected:
Amd §2428, Pub Auth L

2009-S6657 - Summary

Relates to the insurance of certain preservation loans of the state of New York mortgage agency mortgage insurance fund.

2009-S6657 - Sponsor Memo

2009-S6657 - Bill Text download pdf

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

                                  6657

                            I N  S E N A T E

                            January 25, 2010
                               ___________

Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Corporations, Author-
  ities and Commissions

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

  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
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-

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

co-Sponsors

2009-S6657A (ACTIVE) - Details

See Assembly Version of this Bill:
A9547
Law Section:
Public Authorities Law
Laws Affected:
Amd §2428, Pub Auth L

2009-S6657A (ACTIVE) - Summary

Relates to the insurance of certain preservation loans of the state of New York mortgage agency mortgage insurance fund.

2009-S6657A (ACTIVE) - Sponsor Memo

2009-S6657A (ACTIVE) - Bill Text download pdf

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

                                 6657--A

                            I N  S E N A T E

                            January 25, 2010
                               ___________

Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Corporations, Author-
  ities and Commissions -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted 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
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

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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.