A00468 Summary:

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.
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A00468 Actions:

BILL NO    A00468 

01/09/2013 referred to judiciary
01/08/2014 referred to judiciary
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A00468 Memo:

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.
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