Assembly Bill A2637

2011-2012 Legislative Session

Authorizes the purchase of construction mortgages by the state of New York mortgage agency

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A2637 (ACTIVE) - Details

See Senate Version of this Bill:
S867
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2402, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4284, S1154
2013-2014: A3200, S4038
2015-2016: A3126, S2339
2017-2018: A3839, S538
2019-2020: A6143, S900
2021-2022: A5526
2023-2024: A3675

2011-A2637 (ACTIVE) - Summary

Authorizes the state of New York mortgage agency to purchase construction mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.

2011-A2637 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2637

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 19, 2011
                               ___________

Introduced  by  M.  of A. FITZPATRICK, McKEVITT, GIGLIO -- read once and
  referred to the Committee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation  to  authorizing
  the  state  of New York mortgage agency to purchase construction mort-
  gages

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

  Section  1.  Section  2402 of the public authorities law is amended by
adding a new subdivision 18 to read as follows:
  (18) "CONSTRUCTION MORTGAGE". A LOAN EXTENDED BY A BANK SECURED  BY  A
MORTGAGE  ON  REAL  PROPERTY IMPROVED BY A RESIDENTIAL STRUCTURE FOR THE
CONSTRUCTION OF SUCH STRUCTURE.
  S 2. The public authorities law is amended by  adding  a  new  section
2405-f to read as follows:
  S  2405-F.  PURCHASE  OF CONSTRUCTION MORTGAGES.  (1) A PURPOSE OF THE
AGENCY SHALL BE TO PURCHASE CONSTRUCTION MORTGAGES FROM BANKS WITHIN THE
STATE DURING PERIODS WHEN THERE IS AN INADEQUATE SUPPLY OF CREDIT AVAIL-
ABLE FOR NEW RESIDENTIAL MORTGAGES OR AVAILABLE FOR SUCH LOANS AT CARRY-
ING CHARGES WITHIN THE FINANCIAL MEANS OF PERSONS AND  FAMILIES  OF  LOW
AND MODERATE INCOME.
  IT  IS  HEREBY  FOUND  AND DECLARED THAT SUCH ACTIVITIES BY THE AGENCY
WILL ALLEVIATE A CONDITION IN THIS STATE WHICH IS CONTRARY TO THE PUBLIC
HEALTH, SAFETY AND GENERAL WELFARE AND WHICH HAS CONSTITUTED IN THE PAST
AND FROM TIME TO TIME IN THE FUTURE CAN  BE  EXPECTED  TO  CONSTITUTE  A
PUBLIC  EMERGENCY.  IT  IS FURTHER FOUND AND DECLARED THAT SUCH PURPOSES
ARE IN ALL RESPECTS FOR THE BENEFIT OF THE PEOPLE OF THE  STATE  OF  NEW
YORK AND THE AGENCY SHALL BE REGARDED AS PERFORMING AN ESSENTIAL GOVERN-
MENTAL  FUNCTION  IN  CARRYING  OUT  ITS  PURPOSES AND IN EXERCISING THE
POWERS GRANTED BY THIS TITLE.
  (2) (A) THE AGENCY SHALL REQUIRE CONSTRUCTION MORTGAGES  PROVIDE  THAT
THE ESTIMATED COST OF THE CONSTRUCTION MUST BE AT LEAST FIFTY PERCENT OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02503-01-1
              

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