Senate Bill S1674

2011-2012 Legislative Session

Establishes the rural homeowners assistance program to assist first time, low or moderate income, or minority homeowners to avoid foreclosure; appropriation

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Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S1674 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Appropriations
Laws Affected:
Add Art 16-B §§930 - 935, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S127
2013-2014: S526
2015-2016: S4012

2011-S1674 (ACTIVE) - Summary

Establishes the rural homeowners assistance program for assisting first time, low or moderate income, or minority homeowners from foreclosure by authorizing and directing the commissioner of state division of housing and community renewal to enter into contracts with neighborhood preservation companies to provide such assistance to residents in certain rural communities; appropriates $1,000,000 for such purposes.

2011-S1674 (ACTIVE) - Sponsor Memo

2011-S1674 (ACTIVE) - Bill Text download pdf

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

                                  1674

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 11, 2011
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the private housing finance law, in relation  to  estab-
  lishing  the  rural homeowners assistance program and making an appro-
  priation therefor

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

  Section  1. The private housing finance law is amended by adding a new
article 16-B to read as follows:
                              ARTICLE XVI-B
                 RURAL HOMEOWNERSHIP ASSISTANCE PROGRAM
SECTION 930. DECLARATION OF LEGISLATIVE FINDINGS.
        931. DEFINITIONS.
        932. CONTRACTS WITH NEIGHBORHOOD PRESERVATION COMPANIES IN RURAL
               AREAS.
        933. PAYMENTS  TO  NEIGHBORHOOD   PRESERVATION   COMPANIES   FOR
               HOMEOWNERSHIP, TECHNICAL ASSISTANCE AND TRAINING.
        934. LEGAL AID AGREEMENTS.
        935. ANNUAL REPORT TO THE LEGISLATURE.
  S  930.  DECLARATION  OF  LEGISLATIVE FINDINGS. THE LEGISLATURE HEREBY
FINDS AND DECLARES THAT THERE HAS DEVELOPED A DAMAGING IMPACT OF  PREDA-
TORY  AND  SUB-PRIME  RESIDENTIAL  MORTGAGE  LENDING PATTERNS IN VARIOUS
VULNERABLE NEIGHBORHOODS AND COMMUNITIES  OF  THE  STATE  AND  THAT  THE
RELATIONSHIP  BETWEEN  THE  PREDOMINANCE  OF  SUB-PRIME  LOANS  AND HIGH
CONCENTRATIONS OF FORECLOSURE ACTIONS BEING FILED HAS BEEN FORECAST  AND
CLEARLY  DOCUMENTED.  THE LEGISLATURE FURTHER FINDS THAT THE SCARCITY OF
RESOURCES DEDICATED TO  HOUSING  COUNSELING  AND  HOME  BUYER  EDUCATION
SERVICES  HAS  LEFT MANY FIRST TIME, LOW OR MODERATE INCOME, OR MINORITY
HOMEBUYERS AT RISK.
  THE  LEGISLATURE  FURTHER  FINDS  THAT  IN  RURAL  COMMUNITIES   WHERE
SUB-PRIME LENDERS DOMINATE REFINANCING AND HOME EQUITY MORTGAGE MARKETS,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05894-01-1
              

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