2004 Yellow Book
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STATE OF NEW YORK MORTGAGE AGENCY (Summary) View Details

		Adjusted Appropriation 2003-04	Executive Request 2004-05	Change	Percent Change

AGENCY SUMMARY
	General Fund	248,809,000	289,494,000	40,685,000	16.4%
Total for AGENCY SUMMARY:		248,809,000	289,494,000	40,685,000	16.4%

* 2000-01 through 2002-03 reflect enacted appropriations. * 2003-04 and 2004-05 reflect Executive recommended appropriations.

Budget Highlights

The State of New York Mortgage Agency (SONYMA) is a public benefit corporation that uses tax exempt and taxable bond sale proceeds to fund low interest mortgages for low to moderate income, first time, and other qualifying homebuyers. SONYMA receives no direct operating support from New York State.

This Agency is included in the Transportation, Economic Development, and Environmental Conservation appropriation bill.

The Executive recommends an All Funds appropriation of $289,494,000 for State Fiscal Year (SFY) 2004-05.

The appropriation represents contingency reserve funds that provide a guarantee in the amount of $61,800,000 for the Homeowner Mortgage Revenue Reimbursement Program and a guarantee of $212,694,000 to the Mortgage Insurance Fund Restoration. This appropriation reflects an increase of $40,685,000 in additional revenue from the Mortgage Recording Tax. The State guarantees by statute, obligations incurred by SONYMA.

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