|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to finance|
|Jan 09, 2013||referred to finance|
senate Bill S526
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S526 - Details
S526 - 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.
S526 - Sponsor Memo
BILL NUMBER:S526 TITLE OF BILL: An act to amend the private housing finance law, in relation to establishing the rural homeowners assistance program and making an appropriation therefor PURPOSE: Authorizes contracts for the release of grant moneys to neighborhood preservation companies to provide home ownership assistance activities. SUMMARY OF PROVISIONS: The private housing finance law is amended by adding a new article 16-B to define the rural home ownership assistance program. JUSTIFICATION: There is currently a mortgage crisis in the United States and the State of New York, Rising interest rates are dramatically increasing the amounts of required monthly mortgage payments for home owners who financed their property by using Adjustable Rate Mortgages. In some cases consumers are required to pay double what their former payments were under their old rates. In addition, "Interest Only" payment plans, "No Money Down" and 40-year mortgage loans are also leading consumers to greater hardship and financial difficulty. Inability to pay mortgages leads more consumers to bankruptcy or foreclosure.
S526 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 526 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02133-01-3
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