Bill S7162-2013

Relates to the powers of the state of New York mortgage agency

Relates to the powers of the state of New York mortgage agency and extending the provisions thereof.

Details

Actions

  • Jun 17, 2014: SUBSTITUTED BY A9735
  • May 21, 2014: ADVANCED TO THIRD READING
  • May 20, 2014: 2ND REPORT CAL.
  • May 19, 2014: 1ST REPORT CAL.782
  • May 1, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - May 19, 2014
Ayes (7): Young, Bonacic, Gallivan, Nozzolio, Avella, Espaillat, Krueger
Excused (2): Boyle, Diaz

Memo

BILL NUMBER:S7162

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 extend from June 30, 2014 to July 23, 2015 legislation granting the State of New York Mortgage Agency-Mortgage Insurance Fund ("MIF") authority to insure the full principal amount of certain preservation loans.

Summary of Provisions:

Section 1 of the bill would extend until July 23, 2015, the present sunset date of June 30, 2014 with the authorization of MIF to provide one hundred percent mortgage insurance on certain loans 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 is authorized through June 30, 2014 to provide one hundred percent mortgage insurance on certain loans extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi-family residential buildings.

Prior Legislative History:

See Chapter 162 of the Laws of 2012 and 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 extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi-family residential buildings. In order for this power to continue to be exercisable by the MIF, the sunset provision, which currently sunsets on June 30, 2014, must be extended.

Budget Implications:

None.

Local Impact:

None.

Effective Date:

This bill would take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7162 IN SENATE May 1, 2014 ___________
Introduced by Sen. YOUNG -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development 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, as amended by chapter 162 of the laws of 2012, 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, 2014] JULY 23, 2015; 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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