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History
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4012
Title of bill
An act to amend the private housing finance law, in relation to establishing the rural homeowners assistance program and making an appropriation therefor
Purpose
Authorizes contracts for the release of grant moneys to neighborhood preservation companies to provide home ownership assistance activities.
Summary of provisions
The private housing finance law is amended by adding a new article 16-B to define the rural home ownership assistance program.
Justification
There is currently a mortgage crisis in the United States and the State of New York, Rising interest rates are dramatically increasing the amounts of required monthly mortgage payments for home owners who financed their property by using Adjustable Rate Mortgages. In some cases consumers are required to pay double what their former payments were under their old rates. In addition, "Interest Only" payment plans, "No Money Down" and 40-year mortgage loans are also leading consumers to greater hardship and financial difficulty. Inability to pay mortgages leads more consumers to bankruptcy or foreclosure.
Homeowners in danger of foreclosure are in need of technical and legal assistance, New home owners are in need of financial literacy to advise them on the perils and pitfalls of the various mortgages available in the market. Providing funds to enable these homeowners to consul with professionals, such as the neighborhood preservation companies, can save New York consumers time, money, frustration and legal peril.
Existing law
None.
Legislative history
S.5935 of 2007
S.1674 of 2011
01/11/11 Referred to Finance
01/04/12 Referred to Finance
01/09/13 REFERRED TO FINANCE
01/08/14 REFERRED TO FINANCE
Fiscal implications
$1,000,000 from the State General Fund to be appropriated to the State Division of Housing and Community Renewal.
Local fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.