Assembly Bill A4365

2023-2024 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

Sponsored By

Current 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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2023-A4365 (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
2017-2018: A7670
2019-2020: A6949
2021-2022: A5597

2023-A4365 (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.

2023-A4365 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4365
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2023
                                ___________
 
 Introduced by M. of A. FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of
   A. MANKTELOW -- 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.
                                                            LBD08409-01-3
              

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