Enacts the "Housing mobility mortgage study act" to direct the commissioner of housing and community renewal, in consultation with the state of New York mortgage agency (SONYMA) to study the potential impacts of establishing a state-backed housing mobility mortgage program within the state of New York.
STATE OF NEW YORK
________________________________________________________________________
10314
IN SENATE
May 12, 2026
___________
Introduced by Sen. WEBER -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to study the potential impacts of establishing a state-backed
mobility mortgage program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "Housing Mobility Mortgage Study Act".
3 § 2. Study on housing mobility mortgage programs. 1. The commissioner
4 of housing and community renewal, in consultation with the state of New
5 York mortgage agency (SONYMA), shall conduct a study on the feasibility
6 and potential impacts of establishing a state-backed housing mobility
7 mortgage program within the state of New York.
8 2. Such study shall include, but not be limited to, an analysis of:
9 (a) the administrative and operational feasibility of establishing a
10 housing mobility mortgage program through SONYMA;
11 (b) the potential effects of such a program on housing inventory,
12 housing mobility, residential real estate markets, and housing afforda-
13 bility within the state;
14 (c) potential mortgage structures or financing models that could
15 facilitate housing mobility for homeowners relocating within the state;
16 (d) the feasibility of offering below-market mortgage financing
17 through SONYMA for homeowners purchasing a new primary residence follow-
18 ing the sale of a prior primary residence;
19 (e) the potential use of housing bonds, mortgage revenue bonds,
20 revolving loan funds, or other financing mechanisms to support such a
21 program;
22 (f) the fiscal and budgetary impacts of establishing such a program,
23 including potential impacts on taxpayers, state finances, and existing
24 housing finance programs;
25 (g) the potential effects on the financial stability, bonding capaci-
26 ty, and operational responsibilities of SONYMA;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15852-01-6
S. 10314 2
1 (h) existing federal laws, regulations, secondary mortgage market
2 requirements, or federal housing finance policies that may affect imple-
3 mentation of such a program;
4 (i) any statutory, regulatory, or administrative changes necessary to
5 implement such a program;
6 (j) potential underwriting standards, occupancy requirements, loan
7 caps, reserve requirements, eligibility restrictions, or anti-specula-
8 tion safeguards necessary to ensure program sustainability;
9 (k) whether a limited pilot or demonstration program would be feasible
10 or beneficial and recommendations regarding the administration and over-
11 sight of such a program;
12 (l) existing mortgage mobility, mortgage portability, assumability, or
13 similar housing finance programs or models utilized in other states or
14 countries;
15 (m) the estimated number and categories of homeowners that may benefit
16 from such a program; and
17 (n) any other information the commissioner or SONYMA deems relevant.
18 § 3. Consultation. In conducting the study required pursuant to
19 section two of this act, the commissioner and SONYMA may consult with:
20 (a) the federal housing finance agency;
21 (b) the federal national mortgage association;
22 (c) the federal home loan mortgage corporation;
23 (d) the department of housing and urban development;
24 (e) mortgage lenders, servicers, housing finance experts, and munici-
25 pal bond experts;
26 (f) state and local housing agencies;
27 (g) housing advocacy organizations;
28 (h) academic institutions or policy organizations with expertise in
29 housing finance and mortgage markets; and
30 (i) any other public or private entities deemed necessary.
31 § 4. Report. No later than one year after the effective date of this
32 act, the commissioner of housing and community renewal and SONYMA shall
33 submit a report to the governor, the temporary president of the senate,
34 the minority leader, the speaker of the assembly, and the minority lead-
35 er of the assembly containing:
36 (a) the findings of the study;
37 (b) recommendations regarding the feasibility of establishing a hous-
38 ing mobility mortgage program;
39 (c) recommendations regarding statutory, regulatory, or administrative
40 actions necessary to implement such a program;
41 (d) an assessment of risks and benefits to taxpayers, homeowners,
42 housing markets, and state housing policy objectives;
43 (e) recommendations regarding whether a pilot or demonstration program
44 should be established;
45 (f) any recommended program safeguards or limitations necessary to
46 ensure fiscal sustainability and protect taxpayers; and
47 (g) any other recommendations deemed appropriate by the commissioner
48 or SONYMA.
49 § 5. This act shall take effect immediately.
