BILL NO A00468
SAME AS SAME AS S04507
SPONSOR Hawley (MS)
COSPNSR Kolb, Crouch, Corwin, Oaks, Saladino, Weisenberg, Montesano
MLTSPNSR Tenney
Add S2405-f, Pub Auth L
Authorizes the state mortgage agency to purchase veterans' assisted forward
commitment mortgages from banks within the state; requires the board of
directors of the state mortgage agency to establish income limits for eligible
veterans from time to time.
BILL NUMBER:A468
TITLE OF BILL: An act to amend the public authorities law, in
relation to authorizing the state of New York mortgage agency to
purchase veterans' assisted forward commitment mortgages from banks
within the state
PURPOSE OR GENERAL IDEA OF BILL:
This legislation would authorize SONYMA to purchase Veterans Assisted
Forward Commitment Loans from banks, which would further assist
veterans in purchasing homes with low down payments and at favorable
interest rates.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1-SONYMA may purchase veterans' assisted forward commitment
mortgages from banks at such prices and upon such terms and conditions
it shall determine. The board of directors of the agency shall
establish from time to time maximum income limits of persons eligible
to receive such mortgages, which income limits shall not exceed the
latest maximum income limits permitted under the internal revenue code
of 1986.
Section 2-Effective date.
JUSTIFICATION:
This legislation will make it easier for veterans to secure low
interest and low down payment mortgages through SONYMA. This will
allow more veterans to afford mortgages in New York State.
PRIOR LEGISLATIVE HISTORY:
05/30/06 - A11616 - referred to housing
01/09/08 - A6054 - referred to corporations, authorities and
commissions
03/27/08 - A6054 - referred to corporations, authorities and
commissions
02/28/09 - A6054 - referred to corporations, authorities and
commissions
06/15/10 - 4083 - held in consideration to corporations, authorities
and commissions
05/22/2012 - A.1253 - held for consideration in judiciary
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall become
a law.
