Assemblyman Philip Ramos (D-Central Islip) announced Assembly passage of a bill enabling the State of New York Mortgage Agency to raise additional funding to effectively cover the demand for mortgages for low-and moderate-income first-time homeowners (A.8649).

“Owning a home should be an attainable goal for our working families,” Ramos said. “By allowing the hardworking people of New York to get the financial assistance they need, SONYMA puts homeownership within reach for many Long Island families.”

SONYMA has helped over 110,000 New Yorkers afford homes through its successful programs that provide below market mortgage rates and low down-payment requirements. In addition, SONYMA’s homeownership programs help stabilize and rebuild economically depressed areas throughout New York by making the purchase and price limits more flexible and waiving first-time homebuyer requirements in order to improve homeownership opportunities.

“This bill is the right choice for our working families,” Ramos said. “It is important that we encourage and assist programs like the ones provided by SONYMA so that even more families can experience the satisfaction and benefits of owning their own homes.”