Senate Bill S2281

2021-2022 Legislative Session

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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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2021-S2281 (ACTIVE) - Details

See Assembly Version of this Bill:
A2233
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4083
2011-2012: A1253
2013-2014: A468
2015-2016: A3201
2017-2018: A1567
2019-2020: S4775, A1714
2023-2024: A2066

2021-S2281 (ACTIVE) - Summary

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

2021-S2281 (ACTIVE) - Sponsor Memo

2021-S2281 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2281
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2021
                                ___________
 
 Introduced  by  Sen.  JORDAN -- 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  veterans'  assisted
   forward commitment mortgages from banks within the state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The public authorities law  is  amended  by  adding  a  new
 section 2405-g to read as follows:
   § 2405-G. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
 (1)  IN  ACCORDANCE  WITH THE AUTHORITY SET FORTH IN SECTION TWENTY-FOUR
 HUNDRED FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS'  ASSISTED
 FORWARD  COMMITMENT  MORTGAGES  FROM  BANKS AT SUCH PRICES AND UPON SUCH
 TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
 PURCHASING VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES,  THE  AGENCY
 SHALL  BE  GOVERNED  BY SECTION TWENTY-FOUR HUNDRED FIVE-B OF THIS PART.
 THE BOARD OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME  TO  TIME
 MAXIMUM  INCOME  LIMITS  OF  PERSONS ELIGIBLE TO RECEIVE SUCH MORTGAGES,
 WHICH INCOME LIMITS SHALL NOT EXCEED THE LATEST  MAXIMUM  INCOME  LIMITS
 PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
 GAGES FINANCED BY MORTGAGE REVENUE BONDS.
   (2)  FOR  PURPOSES  OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
 FOLLOWING MEANINGS:
   "VETERAN" MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL,  OR
 AIR  SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A RECIPI-
 ENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY  EXPEDITIONARY  MEDAL,
 MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
 ARY  MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE
 CONDITIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01548-01-1
              

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