senate Bill S433

2017-2018 Legislative Session

Enacts the "home mortgage bridge loan assistance act of 2017"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to housing, construction and community development
Jan 04, 2017 referred to housing, construction and community development

S433 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; add §89-i, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5035
2015-2016: S2239
2019-2020: S2294
2021-2022: S3169

S433 (ACTIVE) - Summary

Enacts the "home mortgage bridge loan assistance act of 2017".

S433 (ACTIVE) - Sponsor Memo

S433 (ACTIVE) - Bill Text download pdf


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

                                   433

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2017
                               ___________

Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN ACT to amend the private housing finance law, in relation to enacting
  the  "home  mortgage bridge loan assistance act of 2017"; and to amend
  the state finance law, in relation to establishing the  home  mortgage
  bridge loan assistance fund

  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 28 to read as follows:
                               ARTICLE 28
                        HOME MORTGAGE BRIDGE LOAN
                               ASSISTANCE
SECTION 1250. SHORT TITLE.
        1251. LEGISLATIVE FINDINGS AND PURPOSE.
        1252. DEFINITIONS.
        1253. HOME MORTGAGE BRIDGE LOAN ASSISTANCE.
        1254. NOTICE, TIMING AND STAY OF PROCEEDING REQUIREMENTS.
        1255. ELIGIBILITY.
        1256. TEMPORARY PAYMENTS OF ASSISTANCE.
  § 1250.  SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED  AS
THE "HOME MORTGAGE BRIDGE LOAN ASSISTANCE ACT OF 2017".
  §  1251.  LEGISLATIVE FINDINGS AND PURPOSE. (1) FINDINGS. THE LEGISLA-
TURE HEREBY FINDS AND DECLARES THAT:
  (A) THIS STATE AND THE UNITED STATES HAVE EXPERIENCED THE COLLAPSE  OF
A  SIZEABLE  PRIMARY  AND  SECONDARY REAL ESTATE MARKET BUBBLE WHICH FEW
FORESAW AND MANY NOW SUFFER THE WEALTH DESTRUCTIVE EFFECTS OF;
  (B) THIS STATE AND THE UNITED STATES ARE IN CONSEQUENCE NOW  SUFFERING
AN  ECONOMIC  SLOWDOWN  AS  CONSUMERS TRIM SPENDING AND CONCENTRATE UPON

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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