New York A 7538: Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

Bill Text

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A07538 Summary:

BILL NOA07538 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHawley

&nbsp

COSPNSRMcDonough, DeStefano

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MLTSPNSR

&nbsp

Add §2405-g, Pub Auth L

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Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

Go to top A07538 Actions:

BILL NOA07538 

&nbsp

04/01/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA07538 Committee&nbspVotes:

Go to topA07538 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07538 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7538

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. HAWLEY -- read once and referred to the Committee
 on Judiciary

 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

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The public authorities law is amended by adding a new
 2 section 2405-g to read as follows:
 3 § 2405-g. Purchase of veterans' assisted forward commitment mortgages.
 4 (1) In accordance with the authority set forth in section twenty-four
 5 hundred five-b of this part, the agency may purchase veterans' assisted
 6 forward commitment mortgages from banks at such prices and upon such
 7 terms and conditions as it shall determine. In conducting its program of
 8 purchasing veterans' assisted forward commitment mortgages, the agency
 9 shall be governed by section twenty-four hundred five-b of this part.
 10 The board of directors of the agency shall establish from time to time
 11 maximum income limits of persons eligible to receive such mortgages,
 12 which income limits shall not exceed the latest maximum income limits
 13 permitted under the internal revenue code of 1986, as amended, for mort-
 14 gages financed by mortgage revenue bonds.
 15 (2) For purposes of this section the following terms shall have the
 16 following meanings:
 17 "Veteran" means a person who served in the active military, naval, or
 18 air service during a time of war as defined below, or who was a recipi-
 19 ent of the armed forces expeditionary medal, navy expeditionary medal,
 20 marine corps expeditionary medal, or global war on terrorism expedition-
 21 ary medal, and who was discharged or released therefrom under honorable
 22 conditions.
 23 "Service during a time of war" means: (a) the individual in question
 24 was a recipient of the armed forces expeditionary medal, the navy exped-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04585-01-5

 A. 7538 2

 1 itionary medal or the marine corps expeditionary medal for participation
 2 in operations in Lebanon from June first, nineteen hundred eighty-three
 3 to December first, nineteen hundred eighty-seven, in Grenada from Octo-
 4 ber twenty-third, nineteen hundred eighty-three to November twenty-
 5 first, nineteen hundred eighty-three, or in Panama from December twenti-
 6 eth, nineteen hundred eighty-nine to January thirty-first, nineteen
 7 hundred ninety; or
 8 (b) the individual served on active duty for ninety days or more in
 9 the armed forces of the United States during any one of the following
 10 wars or hostilities:
 11 (i) in the Spanish-American war from the twenty-first day of April,
 12 eighteen hundred ninety-eight to the eleventh day of April, eighteen
 13 hundred ninety-nine, inclusive;
 14 (ii) in the Philippine insurrection or the China relief expedition
 15 from the eleventh day of April, eighteen hundred ninety-nine to the
 16 fourth day of July, nineteen hundred two, inclusive;
 17 (iii) in the Mexican border campaign from the ninth day of May, nine-
 18 teen hundred sixteen, to the fifth day of April, nineteen hundred seven-
 19 teen, inclusive;
 20 (iv) in World War I from the sixth day of April, nineteen hundred
 21 seventeen to the eleventh day of November, nineteen hundred eighteen