senate Bill S649

2019-2020 Legislative Session

Relates to creating the mortgage assisted population recovery program

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2019 referred to housing
delivered to assembly
passed senate
ordered to third reading cal.1808
committee discharged and committed to rules
Jan 09, 2019 referred to housing, construction and community development

S649 (ACTIVE) - Details

Law Section:
Private Housing Finance Law
Laws Affected:
Add §45-d, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6287
2017-2018: S1812

S649 (ACTIVE) - Summary

Relates to creating the mortgage assisted population recovery program.

S649 (ACTIVE) - Sponsor Memo

S649 (ACTIVE) - Bill Text download pdf


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

                                   649

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2019
                               ___________

Introduced  by  Sen. KENNEDY -- 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 creating
  the mortgage assisted population recovery program

  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
section 45-d to read as follows:
  §  45-D.  MORTGAGE  ASSISTED  POPULATION RECOVERY PROGRAM. 1. THERE IS
HEREBY CREATED WITHIN THE AGENCY A MORTGAGE ASSISTED POPULATION RECOVERY
PROGRAM.  THE PROGRAM SHALL MAKE AVAILABLE ALL MORTGAGE AND DOWN PAYMENT
ASSISTANCE FUNDING INCENTIVES OFFERED BY THE AGENCY  FOR  HOMEBUYERS  IN
ECONOMICALLY  DISTRESSED  TARGET  AREAS,  AS  DESIGNATED  BY  THE AGENCY
THROUGH CENSUS TRACKS DETERMINED BY THE  UNITED  STATES  BUREAU  OF  THE
CENSUS,  TO  HOMEBUYERS IN THOSE COUNTIES THAT HAVE EXPERIENCED NEGATIVE
POPULATION GROWTH FROM JANUARY ONE, TWO THOUSAND TO THE LATEST AVAILABLE
ANNUAL ESTIMATES OF THE RESIDENT  POPULATION.    SUCH  INCENTIVES  SHALL
INCLUDE,  BUT MAY NOT NECESSARILY BE LIMITED TO, HIGHER HOUSEHOLD INCOME
AND HOME PURCHASE PRICE LIMITS, AS OFFERED BY THE AGENCY FOR  HOMEBUYERS
IN SUCH ECONOMICALLY DISTRESSED TARGETED AREAS.
  2. (A) HOMEBUYER ELIGIBILITY. IN ADDITION TO THE LIMITATIONS ON HOUSE-
HOLD INCOME AND HOME PURCHASE PRICE DESCRIBED IN SUBDIVISION ONE OF THIS
SECTION,  AN  ELIGIBLE  HOMEBUYER  MUST  (1)  HAVE ESTABLISHED RESIDENCY
OUTSIDE THE COUNTY IN WHICH THE SUBJECT PROPERTY IS LOCATED,  AND  WHICH
HAS  EXPERIENCED  NEGATIVE GROWTH FROM THE TWO THOUSAND DECENNIAL CENSUS
FOR THE TWELVE MONTH PERIOD PRIOR TO APPLICATION TO THE PROGRAM, OR  (2)
BE  A  FIRST-TIME  HOMEBUYER, AND (3) USE THE PROPERTY PURCHASED THROUGH
THE MORTGAGE ASSISTED POPULATION RECOVERY PROGRAM AS HIS OR HER  PRIMARY
RESIDENCE.  AN  ELIGIBLE HOMEBUYER, THE ELIGIBLE HOMEBUYER'S SPOUSE, THE

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.