S6898-2011 Actions

• Jun 21, 2012: SUBSTITUTED BY A10048
• Jun 21, 2012: ORDERED TO THIRD READING CAL.1514
• Jun 20, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Apr 9, 2012: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

S6898-2011 Meetings

S6898-2011 Calendars

S6898-2011 Votes

S6898-2011 Memo

BILL NUMBER:S6898

TITLE OF BILL:

An act to amend chapter 246 of the laws of 2010 amending the public
authorities law relating to the powers of the state of New York mortgage
agency, in relation to extending the provisions thereof

PURPOSE OF THE BILL:

This bill would for two years the State of New York Mortgage Agency
Mortgage Insurance Fund's ("MIF") authority to insure the full principal
amount of certain preservation loans (originated between January 1, 2004
and December 31, 2008) thereby enabling the MIF to provide needed
support for the refinancing of certain multi-family affordable housing
accommodations which became over leveraged during the current housing
crisis.

SUMMARY OF PROVISIONS:

Section 1 of the bill would amend Chapter 246 of the Laws of 2010 to
extend until June 30, 2014, MIF's authority to provide one hundred
percent mortgage insurance on certain loans that (originated between
January 1, 2004 and December 31, 2008) extended for the sole purpose of
refinancing existing indebtedness which relate to over leveraged multi-
family residential buildings.

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:

MIF has the authority sought in this bill only through June 30, 2012.

PRIOR LEGISLATIVE HISTORY:

This authority was originally granted for two years in Chapter 246 of
the Laws of 2010.

STATEMENT IN SUPPORT:

This bill would extend for two years MIF's authority to provide one
hundred percent mortgage insurance on certain loans (originated between
January 1, 2004 and December 31, 2008) extended for the sale purpose of
refinancing existing indebtedness relating to over-leveraged multi-fami-
ly residential buildings.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.

S6898-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         6898
 I N  SENATE
 April 9, 2012
 
 Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
 Community Renewal) -- read twice and ordered printed, and when printed
 to be committed to the  Committee  on  Corporations,  Authorities  and
 Commissions
 AN  ACT  to  amend  chapter  246 of the laws of 2010 amending the public
 authorities law relating to the powers of the state of New York  mort
 gage agency, in relation to extending the provisions thereof
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1.

Section 5 of chapter 246 of the laws of 2010  amending  the
 public  authorities  law relating to the powers of the state of New York
 mortgage agency, is amended to read as follows:

 

S 5. This act shall take effect immediately and shall  expire  and  BE
 deemed  repealed   on and after June 30, [2012] 2014; provided, however,
 that the amendments to paragraph (c) of subdivision 8 of section 2428 of
 the public authorities law made by section two of  this  act  shall  not
 affect  the expiration of such subdivision and shall be deemed to expire
 therewith.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14298-01-2

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