Assembly Bill A7670

2017-2018 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

download bill text pdf

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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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2017-A7670 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2402, add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4522
2011-2012: A2735
2013-2014: A3213
2015-2016: A3233
2019-2020: A6949
2021-2022: A5597
2023-2024: A4365

2017-A7670 (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.

2017-A7670 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7670
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2017
                                ___________
 
 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 PROPERTY.
   § 2. The public authorities law is amended by  adding  a  new  section
 2405-g to read as follows:
   §  2405-G. 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-
 MENTAL FUNCTION IN CARRYING OUT  ITS  PURPOSES  AND  IN  EXERCISING  THE
 POWERS GRANTED BY THIS TITLE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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