New York A 2664: Expands access to mortgage loans for cooperative properties under the homes for veterans program

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A02664 Summary:

BILL NOA02664 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSR

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MLTSPNSR

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Add §2405-g, Pub Auth L

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Expands access to mortgage loans for cooperative properties under the homes for veterans program, as administered by the state of New York mortgage agency.

Go to top A02664 Actions:

BILL NOA02664 

&nbsp

01/21/2025referred to housing

01/07/2026referred to housing

Go to topA02664 Committee&nbspVotes:

Go to topA02664 Floor&nbspVotes:

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

Go to topA02664 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2664

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 21, 2025
 ___________

 Introduced by M. of A. CUNNINGHAM -- read once and referred to the
 Committee on Housing

 AN ACT to amend the public authorities law, in relation to expanding
 access to mortgage financing for cooperative properties under the
 homes for veterans program

 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. Special provisions for veterans. (1) Definitions. For the
 4 purposes of this article, the following terms shall have the following
 5 meanings:
 6 (a) "Person" shall mean a veteran, or their surviving unmarried
 7 spouse.
 8 (b) "Veteran" shall:
 9 (i) have the same meaning as set forth in subdivision three of section
 10 one of the veterans' services law; and
 11 (ii) include members of the army national guard, air national guard,
 12 and other reserve components of the armed forces of the United States or
 13 New York who are currently serving on active duty or have been released
 14 from such service under other than dishonorable conditions, and all
 15 military members who are currently serving on active duty in New York,
 16 regardless of such members' discharge status.
 17 (2) Construction. (a) The provisions of this section shall apply to
 18 any mortgage purchased by the agency pursuant to section twenty-four
 19 hundred five of this part under the homes for veterans program.
 20 (b) No contract or agreement for the provision of loan or mortgage
 21 loan services between the agency and an eligible person pursuant to this
 22 section shall be construed as to limit such person's eligibility under
 23 any other financing program offered by the state of New York mortgage
 24 agency.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05747-01-5

 A. 2664 2

 1 (3) Homes for veterans program requirements. Notwithstanding any other
 2 provision of law or regulation to the contrary, any contract or agree-
 3 ment for the provision of a loan or mortgage loan services between the
 4 agency and an eligible person under the homes for veterans program shall
 5 be subject to the following provisions:
 6 (a) No such contract or agreement shall require a minimum borrower
 7 cash contribution from such person greater than one percent of the value
 8 of the property securing such loan or mortgage loan; and
 9 (b) No application by an eligible person for a loan or mortgage loan
 10 secured by a residential property in a cooperative housing corporation
 11 shall be rejected based on:
 12 (i) the number of units, occupancy rates, or location of such corpo-
 13 ration;
 14 (ii) the percentage of units already sold in such corporation; or
 15 (iii) the status of such corporation as a limited equity cooperative
 16 project.
 17 § 2. This act shall take effect on the thirtieth day after it shall
 18 have become a law. Effective immediately, the addition, amendment and/or
 19 repeal of any rule or regulation necessary for the implementation of
 20 this act on its effective date are authorized to be made and completed
 21 on or before such effective date.

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