Adjusted     Executive
                             Appropriation       Request               Percent
                                   2001-02       2002-03        Change  Change



AGENCY SUMMARY
  Total Contingency:           170,591,100   190,553,000   19,961,900   11.70%
  Total for AGENCY SUMMARY:    170,591,100   190,553,000   19,961,900   11.70%


CONTINGENCY
  General Fund                 170,591,100   190,553,000   19,961,900   11.70%
  Total for CONTINGENCY:       170,591,100   190,553,000   19,961,900   11.70%

SONYMA Mortgage Insurance Fund Restoration
  General Fund                 108,791,100   128,753,000   19,961,900   18.35%
  Total for Program:           108,791,100   128,753,000   19,961,900   18.35%

Infrastructure Trust Fund Guarantee - SONYMA Homeowners Mortgage Revenues
  General Fund                  61,800,000    61,800,000            0    0.00%
  Total for Program:            61,800,000    61,800,000            0    0.00%

                                                                                
                                                                

                          BUDGET HIGHLIGHTS
                   (Executive Budget: pp. 195-196)

State Operations

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 Executive recommends an All Funds Appropriation of $190,553,000,
an increase of $19,961,900 for State Fiscal Year (SFY) 2002-2003.  

The Agency is included in the Transportation and Economic Development
appropriation bill.

The appropriation represents contingency reserve funds that provide
guarantees for the Mortgage Insurance Fund in the amount of
$61,800,000 and the Homeowner Mortgage Revenues Reimbursement Program
in the amount of $128,753,000.  The State guarantees, by statute,
obligations incurred by SONYMA.

Article VII Proposals

The Executive proposes to sweep $150,000,000 from SONYMA's Mortgage
Insurance Fund into the General Fund.