senate Bill S2046

2013-2014 Legislative Session

Authorizes the purchase of rehabilitation mortgages by the state of New York mortgage agency

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to corporations, authorities and commissions
Jan 09, 2013 referred to corporations, authorities and commissions

S2046 - Details

See Assembly Version of this Bill:
A3317
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §2402, add §2405-f, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S759, A2512
2009-2010: S4680, A4366

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

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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