|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to corporations, authorities and commissions|
|Jan 09, 2013||referred to corporations, authorities and commissions|
senate Bill S2046
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2046 - Details
S2046 - Summary
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
S2046 - Sponsor Memo
BILL NUMBER:S2046 TITLE OF BILL: An act to amend the public authorities law, in relation to authorizing the state of New York mortgage agency to purchase reha- bilitation mortgages PURPOSE: To authorize the State of New York Mortgage Agency to purchase rehabilitation mortgages from banks within the State. SUMMARY OF PROVISIONS: This bill adds a new subdivision (18) to Section 2402 of the Public Authorities law to define "rehabilitation" as the repair, alteration, or improvements of a housing accommodation designed to raise the housing standards therein, and a new subdivision (19) to Section 2402 of such law to define "rehabilitation mortgage" as a loan extended by a bank secured by a mortgage on real property improved by a residential structure for the financing and rehabilitation of such resi- dential structure. It further adds a new Section 2405-f to the Public Authorities Law to authorize the State of New York Mortgage Agency (SONYMA) to purchase rehabilitation mortgages from banks within the State. The bill also states that the agency shall require rehabilitation mort- gages to provide that if the borrower is purchasing residential real property, the estimated cost of the repairs must be at least 25% of the mortgagor's adjusted basis in the residential real property, including land. The rehabilitation mortgages must also provide that if the borrow-
S2046 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2046 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to authorizing the state of New York mortgage agency to purchase rehabilitation mort- gages THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2402 of the public authorities law is amended by adding two new subdivisions 18 and 19 to read as follows: (18) "REHABILITATION". REPAIRS, ALTERATIONS OR IMPROVEMENTS OF A HOUS- ING ACCOMMODATION DESIGNED TO RAISE THE HOUSING STANDARDS THEREIN. (19) "REHABILITATION MORTGAGE". A LOAN EXTENDED BY A BANK, SECURED BY A MORTGAGE ON REAL PROPERTY IMPROVED BY A RESIDENTIAL STRUCTURE FOR THE FINANCING AND REHABILITATION OF SUCH RESIDENTIAL STRUCTURE WHICH OTHER- WISE COMPLIES WITH THE CONDITIONS ESTABLISHED BY SECTION TWENTY-FOUR HUNDRED FIVE-F OF THIS PART. S 2. The public authorities law is amended by adding a new section 2405-f to read as follows: S 2405-F. PURCHASE OF REHABILITATION MORTGAGES. (1) A PURPOSE OF THE AGENCY SHALL BE TO PURCHASE REHABILITATION MORTGAGES FROM BANKS WITHIN THE STATE DURING PERIODS WHEN THERE IS AN INADEQUATE SUPPLY OF CREDIT AVAILABLE FOR NEW RESIDENTIAL MORTGAGES OR AVAILABLE FOR SUCH LOANS AT CARRYING CHARGES WITHIN THE FINANCIAL MEANS OF PERSONS AND FAMILIES OF LOW AND MODERATE INCOME. IT IS HEREBY FOUND AND DECLARED THAT SUCH ACTIVITIES BY THE AGENCY WILL ALLEVIATE A CONDITION IN THIS STATE WHICH IS CONTRARY TO THE PUBLIC HEALTH, SAFETY AND GENERAL WELFARE AND WHICH HAS CONSTITUTED IN THE PAST AND FROM TIME TO TIME IN THE FUTURE CAN BE EXPECTED TO CONSTITUTE A PUBLIC EMERGENCY. IT IS FURTHER FOUND AND DECLARED THAT SUCH PURPOSES EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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