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History
- Referred to corporations, authorities and commissions
- 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.
Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state
In Assembly Committee · Judiciary · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4507
Title of bill
An act to amend the public authorities law, in relation to authorizing the state of New York mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state
Purpose or general idea of bill
This legislation would authorize SONYMA to purchase Veterans Assisted Forward Commitment Loans from banks, which would further assist veterans in purchasing homes with low down payments and at favorable interest rates.
Summary of specific provisions
Section 1-SONYMA may purchase veterans' assisted forward commitment mortgages from banks at such prices and upon such terms and conditions it shall determine. The board of directors of the agency shall establish from time to time maximum income limits of persons eligible to receive such mortgages, which income limits shall not exceed the latest maximum income limits permitted under the internal revenue code of 1986.
Section 2-Effective date.
Justification
This legislation will make it easier for veterans to secure low interest and low down payment mortgages through SONYMA. This will allow more veterans to afford mortgages in New York State.
Prior legislative history
New Bill
Fiscal implications
To be determined.
Effective date
This act shall take effect on the ninetieth day after it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.