Assembly Bill A5614

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

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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2021-A5614 (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: A4366
2011-2012: A2512
2013-2014: A3317
2015-2016: A3291
2017-2018: A3832
2019-2020: A6165, A6862
2023-2024: A4678

2021-A5614 (ACTIVE) - Summary

Authorizes the state of New York mortgage agency to purchase rehabilitation 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.

2021-A5614 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5614
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2021
                                ___________
 
 Introduced  by M. of A. FITZPATRICK, BLANKENBUSH, J. M. GIGLIO, MIKULIN,
   TAGUE -- Multi-Sponsored by -- M. of A. BARCLAY, DeSTEFANO, MANKTELOW,
   McDONOUGH -- read once and referred to the Committee on Housing
 
 AN ACT to amend the public authorities law, in relation  to  authorizing
   the state of New York mortgage agency to purchase rehabilitation 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 two new subdivisions 18 and 19 to read as follows:
   (18) "REHABILITATION". REPAIRS, ALTERATIONS OR IMPROVEMENTS OF A HOUS-
 ING ACCOMMODATION DESIGNED TO RAISE THE HOUSING STANDARDS THEREIN.
   (19)  "REHABILITATION MORTGAGE". A LOAN EXTENDED BY A BANK, SECURED BY
 A MORTGAGE ON REAL PROPERTY IMPROVED BY A RESIDENTIAL STRUCTURE FOR  THE
 FINANCING  AND REHABILITATION OF SUCH RESIDENTIAL STRUCTURE WHICH OTHER-
 WISE COMPLIES WITH THE CONDITIONS  ESTABLISHED  BY  SECTION  TWENTY-FOUR
 HUNDRED FIVE-G OF THIS PART.
   §  2.  The  public  authorities law is amended by adding a new section
 2405-g to read as follows:
   § 2405-G. PURCHASE OF REHABILITATION MORTGAGES.  (1) A PURPOSE OF  THE
 AGENCY  SHALL  BE TO PURCHASE REHABILITATION 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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