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Sponsors
1 Co-sponsor
History
- Substituted by A8529
- Ordered to third reading cal.658
- Committee discharged and committed to rules
- Print number 3694a
- Amend and recommit to finance
- Reported and committed to finance
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the powers of the state of New York mortgage agency and the effectiveness thereof
Signed by Governor · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend chapter 915 of the laws of 1982, amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to the effective date thereof; and to amend the public authorities law, in relation to the powers of the state of New York mortgage agency
Purpose of the bill
This bill would (i) extend the authority of the State of New York Mortgage Agency ("SONYMA") to purchase forward commitment mortgages and to issue new money tax-exempt bonds and new money taxable bonds, and (ii) Increase the maximum amount of SONYMA's authority to issue new money tax-exempt bonds.
Summary of provisions
Section 1 of the bill would extend SONYMA's authority to purchase forward commitment mortgages until July 16, 2010. Section 2 of the bill would (i) extend SONYMA's authority to issue new money taxable and tax-exempt bonds until July 16, 2010 and (ii) increase SONYMA's tax-exempt bonding authority by $500 million to a maximum of $8.72 billion. Section 3 of the bill provides for an immediate effective date.
Existing law
Under existing law, SONYMA' s authority to purchase forward commitment mortgages and to issue new money taxable bonds are scheduled to sunset on July 16, 2009. SONYMA is currently authorized to issue up to $8.420 billion of new money tax-exempt bonds by July 16, 2009.
Prior history
Similar bills have been enacted each year since before 2000 to increase SONYMA's tax exempt bonding authority and to extend by one year the sunset dates of SONYMA's authority to purchase forward commitment mortgages and to issue new money tax-exempt and taxable bonds. See Chapter 148 of the Laws of 2008; Chapter 227 of the Laws of 2007; Chapter 138 of the Laws of 2006; Chapter 121 of the Laws of 2005; Chapter 147 of the Laws of 2004; Chapter 141 of the Laws of 2003; Chapter 103 of the Laws of 2002; Chapter 111 of the Laws of 2001; and Chapter 132 of the Laws of 2000.
Statement in support
SONYMA's statutory authorizations to issue new money tax-exempt bonds and to purchase forward commitment mortgages are scheduled to sunset on July 16, 2009. SONYMA's statutory authorization to issue new money taxable bonds is also scheduled to sunset on July 16, 2009. This bill would extend the sunset dates for the issuance of new money tax-exempt bonds and new money taxable bonds, and for the purchase of forward commitment mortgages until July 16, 2010. This bill would also increase the maximum amount of new money tax-exempt bonds which SONYMA is authorized to issue. SONYMA's current authority to issue new money tax-exempt bonds is insufficient to cover the current expected demand for mortgages in the next few years. SONYMA expects to continue its various existing programs to provide more eligible New Yorkers than ever before with affordable, low-interest mortgage loans. The bill would increase SONYMA's - authority to issue additional tax-exempt bonds and notes up to a total maximum amount of $8.72 billion, which will enable SONYMA to satisfy its expected mortgage demand.
Budget implications
None.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.