New York A 7488: Relates to obtaining written acceptance from candidates for certain county committees

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A07488 Summary:

BILL NOA07488 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORNovakhov (MS)

&nbsp

COSPNSRBrook-Krasny, Norber, Blankenbush, Mikulin, Tague

&nbsp

MLTSPNSRBarclay, DeStefano, Manktelow, McDonough

&nbsp

Amd §2402, add §2405-g, Pub Auth L

&nbsp

Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.

Go to top A07488 Actions:

BILL NOA07488 

&nbsp

03/28/2025referred to housing

01/07/2026referred to housing

Go to topA07488 Committee&nbspVotes:

Go to topA07488 Floor&nbspVotes:

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

Go to topA07488 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7488

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

 Introduced by M. of A. NOVAKHOV, BROOK-KRASNY, NORBER, BLANKENBUSH,
 MIKULIN, TAGUE -- Multi-Sponsored by -- M. of A. BARCLAY, DeSTEFANO,
 MANKTELOW, McDONOUGH -- read once and referred to the Committee on
 Housing

 AN ACT to amend the public authorities law, in relation to authorizing
 the state of New York mortgage agency to purchase rehabilitation mort-
 gages

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

 1 Section 1. Section 2402 of the public authorities law is amended by
 2 adding two new subdivisions 18 and 19 to read as follows:
 3 (18) "Rehabilitation". Repairs, alterations or improvements of a hous-
 4 ing accommodation designed to raise the housing standards therein.
 5 (19) "Rehabilitation mortgage". A loan extended by a bank, secured by
 6 a mortgage on real property improved by a residential structure for the
 7 financing and rehabilitation of such residential structure which other-
 8 wise complies with the conditions established by section twenty-four
 9 hundred five-g of this part.
 10 § 2. The public authorities law is amended by adding a new section
 11 2405-g to read as follows:
 12 § 2405-g. Purchase of rehabilitation mortgages. (1) A purpose of the
 13 agency shall be to purchase rehabilitation mortgages from banks within
 14 the state during periods when there is an inadequate supply of credit
 15 available for new residential mortgages or available for such loans at
 16 carrying charges within the financial means of persons and families of
 17 low and moderate income.
 18 It is hereby found and declared that such activities by the agency
 19 will alleviate a condition in this state which is contrary to the public
 20 health, safety and general welfare and which has constituted in the past
 21 and from time to time in the future can be expected to constitute a
 22 public emergency. It is further found and declared that such purposes

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04354-01-5

 A. 7488 2

 1 are in all respects for the benefit of the people of the state of New
 2 York and the agency shall be regarded as performing an essential govern-
 3 mental function in carrying out its purposes and in exercising the
 4 powers granted by this title.
 5 (2) (a) The agency shall require that rehabilitation mortgages provide
 6 that the estimated cost of the repairs shall be at least twenty-five
 7 percent of the mortgagor's adjusted basis in the residential real prop-
 8 erty (including land).
 9 (b) Such rehabilitation mortgages shall also provide that the purchase
 10 price plus the estimated cost of the repairs shall fall within current
 11 agency regulations pertaining to maximum purchase price. To be eligible
 12 for such mortgages at least twenty years shall have elapsed between the
 13 date the residential real property was first used and the commencement
 14 of physical work on such rehabilitation. To be eligible for such mort-
 15 gages, (i) at least fifty percent of the existing external walls of the
 16 residential structure shall be retained in place as external walls, (ii)
 17 at least seventy-five percent of the existing walls are retained in
 18 place as internal or externa