2003 Yellow Book | |||||
Backward | Forward | Cover | Overview | Agency Summaries | Agency Details |
Mortgage Agency, State of New York (Summary) View Details |
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Adjusted Appropriation 2002-03 |
Executive Request 2003-04 |
Change |
Percent Change |
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AGENCY SUMMARY | |||||
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General Fund | 190,553,000 | 248,809,000 | 58,256,000 | 30.6% | |
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Total for AGENCY SUMMARY: | 190,553,000 | 248,809,000 | 58,256,000 | 30.6% |
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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. The Agency is included in the Transportation, Economic Development, and Environmental Conservation appropriation bill. The Executive recommends an All Funds appropriation of $248,809,000 for State Fiscal Year (SFY) 2003-04. The appropriation represents contingency reserve funds that provide guarantees for the Homeowner Mortgage Revenues Reimbursement Program in the amount of $61,800,000, and the Mortgage Insurance Fund Restoration in the amount of $172,009,000. This reflects an increase of $58,526,000 in revenues from the Mortgage Recording Tax in counties served by the Niagara Frontier Transit Authority and the Metropolitan Transit Authority. The State guarantees, by statute, obligations incurred by SONYMA. |
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