S154-2011 Actions

• Jan 4, 2012: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
• Jan 5, 2011: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

S154-2011 Memo

BILL NUMBER:S154

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.

S154-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          154
 2011-2012 Regular Sessions
 I N  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 of
 EXPLANATION--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.

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