Bill S6898-2011

Extends provisions relating to the powers of the state of New York mortgage agency

Extends provisions relating to the powers of the state of New York mortgage agency.

Details

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

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 21, 2012
Ayes (22): Skelos, Alesi, Farley, Hannon, Johnson, Larkin, LaValle, Libous, Marcellino, Maziarz, Nozzolio, Saland, Seward, Sampson, Breslin, Dilan, Hassell-Thompson, Krueger, Montgomery, Parker, Smith, Stewart-Cousins
Ayes W/R (1): Duane
Excused (1): Fuschillo

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 multifamily 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-family residential buildings.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6898 IN 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.

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