Doubles maximum income limitations for volunteer firefighters who have been members for 5 or more years.
TITLE OF BILL: An act to amend the public authorities law, in relation to doubling the maximum allowable income limitations for volunteer firefighters eligibility to obtain a SONYMA mortgage
PURPOSE OR GENERAL IDEA OF BILL: To promote the recruitment of more volunteer firefighters. By becoming a volunteer firefighter the maximum income limitation will be doubled for anyone who is a member for more than five years. This will provide for low interest mortgages for first time homebuyers.
SUMMARY OF SPECIFIC PROVISIONS: Section 1- Establishes the amendment of subdivision 2 of section 2407 of the public authorities' law.
section 2- Establishes the effective date of the bill.
JUSTIFICATION: This bill is aimed at recruiting and retaining individuals in regards to volunteer fire departments. This bill also offers a remedy and assistance to first time home buyers. This bill provides affordable housing solutions, as well as a strong incentive to become a volunteer firefighter. Volunteer firefighters provide invaluable services to the community and need a strong member base to ensure the continuation of these services.
PRIOR LEGISLATIVE HISTORY: S.2531/A.4865 of 2009-2010; Referred to Corporations, Authorities and Commissions
FISCAL IMPLICATIONS: The costs to the State are yet to be determined.
EFFECTIVE DATE: This act shall take effect on the sixtieth day after it shall have become law.
STATE OF NEW YORK ________________________________________________________________________ 154 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________Introduced by Sen. MAZIARZ -- 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 doubling the maximum allowable income limitations for volunteer firefighters eligi- bility to obtain a SONYMA mortgage THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 2407 of the public authorities law, as amended by chapter 218 of the laws of 2010, is amended to read as follows: (2) In connection with the issuance of bonds for the purpose of furthering programs described in this title, the agency is authorized to covenant and consent that the interest on any of its bonds, notes or other obligations shall be includable, under the United States Internal Revenue Code of 1986, as amended or any subsequent corresponding inter- nal revenue law of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders thereof under said Inter- nal Revenue Code or any such subsequent law. Pursuant to this subdivi- sion, the agency shall not issue bonds, notes or other obligations in an aggregate principal amount exceeding eight hundred million dollars, excluding from such limitation bonds, notes or other obligations issued to refund outstanding bonds, notes or other obligations. No such bond, note or other obligation shall be issued by the agency on or after July sixteenth, two thousand eleven, excluding bonds, notes or other obli- gations issued to refund outstanding bonds, notes or other obligations and no mortgages shall be purchased with the proceeds of such bonds, notes or other obligations after such date. The board of directors ofEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01345-01-1 S. 154 2
the agency shall establish program guidelines for purposes of bonds, notes or other obligations issued pursuant to this subdivision. The board of directors shall establish from time to time maximum income limits of persons eligible to receive mortgages financed by bonds, notes or other obligations issued pursuant to this subdivision, which income limits with respect to one-third of the total principal amount of mort- gages authorized to be so financed shall not exceed one hundred twenty- five percent of the latest maximum income limits permitted under the Internal Revenue Code of 1986, as amended, for mortgagors financed by mortgage revenue bonds, with respect to one-third of such principal amount authorized to be so financed, shall not exceed one hundred thir- ty-five percent of such income limits, and with respect to one-third of such principal amount authorized to be so financed, shall not exceed one hundred fifty percent of such limits. THE MAXIMUM INCOME LIMITATIONS, AS ESTABLISHED BY THE BOARD OF DIREC- TORS, SHALL BE DOUBLED FOR ANY INDIVIDUAL WHO IS A MEMBER OF A VOLUNTEER FIRE DEPARTMENT FOR FIVE OR MORE YEARS. S 2. This act shall take effect on the sixtieth day after it shall have become a law.