Senate Bill S5824

2021-2022 Legislative Session

Establishes the new American homebuyer assistance program within the state of New York mortgage agency

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-S5824 (ACTIVE) - Details

See Assembly Version of this Bill:
A2630
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §2428-b, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7663
2019-2020: S2812, A4942
2023-2024: S2883, A2549

2021-S5824 (ACTIVE) - Summary

Establishes the New American homebuyer assistance program within the state of New York mortgage agency to assist first time homebuyers by imposing flexible documentation guidelines that take into account foreign documentation of income and assets.

2021-S5824 (ACTIVE) - Sponsor Memo

2021-S5824 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5824
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 19, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 establishing
   the new American homebuyer assistance program within the state of  New
   York mortgage agency

   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 2428-b to read as follows:
   §  2428-B.  NEW  AMERICAN HOMEBUYER ASSISTANCE PROGRAM. 1.  ESTABLISH-
 MENT. THE AGENCY IS HEREBY AUTHORIZED AND DIRECTED  TO  CREATE,  MANAGE,
 AND MAINTAIN THE "NEW AMERICAN HOMEBUYER ASSISTANCE PROGRAM".  THE AGEN-
 CY  SHALL  MAKE SUCH RULES AND REGULATIONS AS NECESSARY TO IMPLEMENT THE
 NEW AMERICAN HOMEBUYER ASSISTANCE PROGRAM.  THE PURPOSE OF  THE  PROGRAM
 IS  TO  PROVIDE  HOMEBUYER  ASSISTANCE TO ELIGIBLE HOMEBUYERS PURCHASING
 THEIR FIRST RESIDENCE BY IMPOSING FLEXIBLE DOCUMENTATION GUIDELINES THAT
 TAKE INTO ACCOUNT FOREIGN DOCUMENTATION OF INCOME AND ASSETS.
   2. DEFINITIONS. FOR PURPOSES OF THIS SECTION:
   (A) "RESIDENCE" MEANS A SINGLE-FAMILY HOME, A ONE TO FOUR FAMILY HOME,
 A CONDOMINIUM HOUSING UNIT OR A HOUSING  UNIT  OWNED  BY  A  COOPERATIVE
 HOUSING CORPORATION, THAT IS LOCATED WITHIN THE STATE.
   (B)  "ELIGIBLE  HOMEBUYER"  MEANS  ANY  PERSON WHO (A) HAS NOT HAD ANY
 OWNERSHIP INTEREST IN HIS OR HER PRIMARY RESIDENCE THAT IS LOCATED WITH-
 IN THE UNITED STATES AT ANY TIME DURING THE THREE  YEARS  PRIOR  TO  THE
 DATE  OF  MAKING  AN  APPLICATION  FOR  AN  AGENCY MORTGAGE LOAN; (B) IS
 CURRENTLY AN ALIEN ADMITTED TO THE UNITED STATES AS A  LAWFUL  PERMANENT
 RESIDENT  WITHIN  THE  PAST TEN YEARS AND; (C) AT THE TIME OF MAKING THE
 LOAN APPLICATION TO THE AGENCY, DOES NOT OWN A  VACATION  OR  INVESTMENT
 HOME  WHETHER  SUCH  VACATION  OR INVESTMENT HOME IS OWNED IN THE UNITED
 STATES OR ABROAD. THIS INCLUDES A SPOUSE OR A SINGLE PARENT WHO HAS ONLY
 OWNED WITH A FORMER SPOUSE WHILE MARRIED.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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