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A05597 Summary:

BILL NOA05597
 
SAME ASNo Same As
 
SPONSORFitzpatrick
 
COSPNSRMontesano, Tague
 
MLTSPNSRManktelow
 
Amd §2402, add §2405-g, Pub Auth L
 
Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.
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