STATE OF NEW YORK
________________________________________________________________________
7641
2011-2012 Regular Sessions
IN ASSEMBLY
May 12, 2011
___________
Introduced by M. of A. BING -- read once and referred to the Committee
on Housing
AN ACT to amend the private housing finance law, in relation to powers
of the agency
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 3 of subdivision 29-a of section 44 of the
2 private housing finance law, as amended by chapter 474 of the laws of
3 1987, is amended to read as follows:
4 (3) The powers granted by this subdivision may be exercised only if
5 (a) obligations of the agency have been issued to fund the loan made or
6 purchased by the agency and such obligations have received an investment
7 grade rating from a recognized rating agency [or]; (b) the loan made or
8 purchased by the agency is fully secured as to principal and interest by
9 insurance or a commitment to insure issued by the state of New York
10 mortgage agency or by the general credit of a bank, national bank, trust
11 company, savings bank, savings and loan association, insurance company,
12 governmental agency of the United States, or any combination thereof; or
13 (c) obligations of the agency are purchased by a bank, national bank,
14 trust company, savings bank, savings and loan association, insurance
15 company, governmental agency of the United States, or any wholly-owned
16 subsidiary or combination thereof.
17 § 2. Paragraph 3 of subdivision 23-c of section 654 of the private
18 housing finance law, as added by chapter 702 of the laws of 1992, is
19 amended to read as follows:
20 (3) The powers granted by this subdivision may be exercised only if
21 (a) obligations of the corporation have been issued to fund the loan
22 made or purchased by the corporation and such obligations have received
23 an investment grade rating from a recognized rating agency [or]; (b) the
24 loan made or purchased by the corporation is fully secured as to princi-
25 pal and interest by insurance or a commitment to insure by the state of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11485-01-1
A. 7641 2
1 New York mortgage agency or New York city residential mortgage insurance
2 corporation or by the general credit of a bank, national bank, trust
3 company, savings bank, savings and loan association, insurance company,
4 governmental agency of the United States, or any combination thereof; or
5 (c) obligations of the corporation are purchased by a bank, national
6 bank, trust company, savings bank, savings and loan association, insur-
7 ance company, governmental agency of the United States, or any wholly-
8 owned subsidiary or combination thereof.
9 § 3. This act shall take effect immediately; provided, however that
10 the amendments to subdivision 29-a of section 44 of the private housing
11 finance law made by section one of this act shall not affect the repeal
12 of such subdivision and shall be deemed repealed therewith; and
13 provided, further, that the amendments to subdivision 23-c of section
14 654 of the private housing finance law made by section two of this act
15 shall not affect the repeal of such subdivision and shall be deemed
16 repealed therewith.
