Senate Bill S649

2019-2020 Legislative Session

Relates to creating the mortgage assisted population recovery program

download bill text pdf

Sponsored By

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


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S649 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
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
2021-2022: S3949

2019-S649 (ACTIVE) - Summary

Relates to creating the mortgage assisted population recovery program.

2019-S649 (ACTIVE) - Sponsor Memo

2019-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
              

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