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History
- Referred to infrastructure and capital investment
- Committee discharged and committed to infrastructure and capital investment
- Referred to corporations, authorities and commissions
Full text
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Sponsor's memo
BILL NUMBER:S1843
Title of bill
An act to amend chapter 555 of the laws of 1989 amending the public authorities law and other laws relating to establishing a New York state infrastructure trust fund, in relation to extending the effectiveness thereof
Purpose
This bill would extend the sunset date of certain powers of the State of New York Mortgage Agency's ("SONYMA") Mortgage Insurance Fund ("MIF'") from July 16, 2011, to July 23, 2013.
Summary of provisions
Section 1 of the bill extends the sunset date of the MIF's ability to provide primary mortgage insurance on a statewide basis to individual homeowners and to provide pool insurance to all of SONYMA's loans, and to provide credit support for the Jacob Javits Convention Center from July 16, 2011 until July 23, 2013.
Section 2 provides for an immediate effective date.
Existing law
Chanter 555 of the Laws of 1989, as amended, authorizes SONYMA's MIF to provide primary mortgage insurance on a statewide basis to individual homeowners and to provide pool insurance to all of SONYMA's loans and will sunset' on July 16, 2011.
Chapter 3 of the Laws of 2004 as amended, enabling SONYMA to provide credit support for the Jacob Javits Convention Center, is scheduled to sunset on July 16, 2011.
Legislative history
Similar bills have been enacted every two years since 2001: Chapter 192 of the Laws of 2009; Chapter 230 of the Laws of 200'7; Chapter 125 of the Laws of 2005; Chapter 145 of the Laws of 2003; and Chapter 110 of the Laws of 2001.
Statement in support
Enactment of Chapter 555 of the Laws of 1989 and of Chapter 3 of the Laws of 2004 enabled SONYMA to provide primary mortgage insurance on a statewide basis, provide pool insurance for mortgages on one-to-four family homes and on multi-family projects where the loans are made by lenders who meet certain criteria and to provide credit support to the Jacob Javits Convention Center. however, these provisions will sunset on July 16, 2011. The bill extends "these sunset provisions until July 23, 2013.
Without an extension, the MIF will only be able to insure mortgages for projects located in "blighted" neighborhoods and provide per project mortgage insurance in amounts not exceeding $5 million or $10 million depending upon project type. In addition, the MIF will be
unable to provide primary mortgage insurance, pool insurance and credit support.
Budget implications
None.
Effective date
The act would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.