Senate Bill S10314

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10314
 
                             I N  S E N A T E
 
                               May 12, 2026
                                ___________
 
 Introduced  by  Sen.  WEBER  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  study  the potential impacts of establishing a state-backed
   mobility mortgage program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Short  title. This act shall be known and may be cited as
 the "Housing Mobility Mortgage Study Act".
   § 2. Study on housing mobility mortgage programs. 1. The  commissioner
 of  housing and community renewal, in consultation with the state of New
 York mortgage agency (SONYMA), shall conduct a study on the  feasibility
 and  potential  impacts  of establishing a state-backed housing mobility
 mortgage program within the state of New York.
   2. Such study shall include, but not be limited to, an analysis of:
   (a) the administrative and operational feasibility of  establishing  a
 housing mobility mortgage program through SONYMA;
   (b)  the  potential  effects  of  such a program on housing inventory,
 housing mobility, residential real estate markets, and housing  afforda-
 bility within the state;
   (c)  potential  mortgage  structures  or  financing  models that could
 facilitate housing mobility for homeowners relocating within the state;
   (d)  the  feasibility  of  offering  below-market  mortgage  financing
 through SONYMA for homeowners purchasing a new primary residence follow-
 ing the sale of a prior primary residence;
   (e)  the  potential  use  of  housing  bonds,  mortgage revenue bonds,
 revolving loan funds, or other financing mechanisms to  support  such  a
 program;
   (f)  the  fiscal and budgetary impacts of establishing such a program,
 including potential impacts on taxpayers, state finances,  and  existing
 housing finance programs;
   (g)  the potential effects on the financial stability, bonding capaci-
 ty, and operational responsibilities of SONYMA;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15852-01-6
              

 S. 10314                            2
 
   (h) existing federal  laws,  regulations,  secondary  mortgage  market
 requirements, or federal housing finance policies that may affect imple-
 mentation of such a program;
   (i)  any statutory, regulatory, or administrative changes necessary to
 implement such a program;
   (j) potential underwriting  standards,  occupancy  requirements,  loan
 caps,  reserve  requirements, eligibility restrictions, or anti-specula-
 tion safeguards necessary to ensure program sustainability;
   (k) whether a limited pilot or demonstration program would be feasible
 or beneficial and recommendations regarding the administration and over-
 sight of such a program;
   (l) existing mortgage mobility, mortgage portability, assumability, or
 similar housing finance programs or models utilized in other  states  or
 countries;
   (m) the estimated number and categories of homeowners that may benefit
 from such a program; and
   (n) any other information the commissioner or SONYMA deems relevant.
   §  3.  Consultation.  In  conducting  the  study  required pursuant to
 section two of this act, the commissioner and SONYMA may consult with:
   (a) the federal housing finance agency;
   (b) the federal national mortgage association;
   (c) the federal home loan mortgage corporation;
   (d) the department of housing and urban development;
   (e) mortgage lenders, servicers, housing finance experts, and  munici-
 pal bond experts;
   (f) state and local housing agencies;
   (g) housing advocacy organizations;
   (h)  academic  institutions  or policy organizations with expertise in
 housing finance and mortgage markets; and
   (i) any other public or private entities deemed necessary.
   § 4. Report. No later than one year after the effective date  of  this
 act,  the commissioner of housing and community renewal and SONYMA shall
 submit a report to the governor, the temporary president of the  senate,
 the minority leader, the speaker of the assembly, and the minority lead-
 er of the assembly containing:
   (a) the findings of the study;
   (b)  recommendations regarding the feasibility of establishing a hous-
 ing mobility mortgage program;
   (c) recommendations regarding statutory, regulatory, or administrative
 actions necessary to implement such a program;
   (d) an assessment of risks  and  benefits  to  taxpayers,  homeowners,
 housing markets, and state housing policy objectives;
   (e) recommendations regarding whether a pilot or demonstration program
 should be established;
   (f)  any  recommended  program  safeguards or limitations necessary to
 ensure fiscal sustainability and protect taxpayers; and
   (g) any other recommendations deemed appropriate by  the  commissioner
 or SONYMA.
   § 5. This act shall take effect immediately.