Assembly Bill A2735

2011-2012 Legislative Session

Relates to community land mortgages and authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state

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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-A2735 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2402, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4522
2013-2014: A3213
2015-2016: A3233
2017-2018: A7670
2019-2020: A6949
2021-2022: A5597
2023-2024: A4365

2011-A2735 (ACTIVE) - Summary

Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

2011-A2735 (ACTIVE) - Bill Text download pdf

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

                                  2735

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2011
                               ___________

Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
  Committee on Housing

AN ACT to amend the public authorities law, in relation to the  purchase
  of community land mortgages

  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)  "COMMUNITY LAND MORTGAGE". A MORTGAGE SECURED BY A FIRST LIEN ON
A LEASEHOLD ESTATE IN REAL PROPERTY THAT IS IMPROVED  BY  A  RESIDENTIAL
STRUCTURE   WHEREIN  TITLE  TO  THE  REAL  PROPERTY  IS  RETAINED  BY  A
NOT-FOR-PROFIT HOUSING COMPANY OR HOUSING DEVELOPMENT FUND  COMPANY  AND
THE  IMPROVEMENTS  THEREON  ARE  SOLD  TO  PERSONS OR FAMILIES OF LOW OR
MODERATE INCOME WHO ALSO EXECUTE A LONG-TERM LEASE FOR THE REAL  PROPER-
TY.
  S  2.  The  public  authorities law is amended by adding a new section
2405-f to read as follows:
  S 2405-F. PURCHASE OF COMMUNITY LAND MORTGAGES.  (1) A PURPOSE OF  THE
AGENCY  SHALL  BE TO PURCHASE COMMUNITY LAND 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.
  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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03028-01-1

              

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