New York A 7445: Relates to appeals of parole determination

Bill Text

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A07445 Summary:

BILL NOA07445 

&nbsp

SAME ASNo Same As

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SPONSORNovakhov

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COSPNSRFitzpatrick, Tague, Manktelow, Norber

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MLTSPNSR

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Amd §2402, add §2405-g, Pub Auth L

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Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

Go to top A07445 Actions:

BILL NOA07445 

&nbsp

03/28/2025referred to housing

01/07/2026referred to housing

Go to topA07445 Committee&nbspVotes:

Go to topA07445 Floor&nbspVotes:

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

Go to topA07445 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7445

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

 Introduced by M. of A. NOVAKHOV, FITZPATRICK, TAGUE, MANKTELOW, NORBER
 -- read once and referred to the Committee on Housing

 AN ACT to amend the public authorities law, in relation to the purchase
 of community land mortgages

 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 a new subdivision 18 to read as follows:
 3 (18) "Community land mortgage". A mortgage secured by a first lien on
 4 a leasehold estate in real property that is improved by a residential
 5 structure wherein title to the real property is retained by a not-for-
 6 profit housing company or housing development fund company and the
 7 improvements thereon are sold to persons or families of low or moderate
 8 income who also execute a long-term lease for the real property.
 9 § 2. The public authorities law is amended by adding a new section
 10 2405-g to read as follows:
 11 § 2405-g. Purchase of community land mortgages. (1) A purpose of the
 12 agency shall be to purchase community land mortgages from banks within
 13 the state during periods when there is an inadequate supply of credit
 14 available for new residential mortgages or available for such loans at
 15 carrying charges within the financial means of persons and families of
 16 low and moderate income.
 17 It is hereby found and declared that such activities by the agency
 18 will alleviate a condition in this state which is contrary to the public
 19 health, safety and general welfare and which has constituted in the past
 20 and from time to time in the future can be expected to constitute a
 21 public emergency. It is further found and declared that such purposes
 22 are in all respects for the benefit of the people of the state of New
 23 York and the agency shall be regarded as performing an essential govern-
 24 mental function in carrying out its purposes and in exercising the
 25 powers granted by this title.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04139-01-5

 A. 7445 2

 1 (2) The agency shall purchase community land mortgages from banks at
 2 such prices and upon such terms and conditions as it shall determine;
 3 provided, however, that the total purchase price, exclusive of any
 4 amounts representing a refund of commitment or other fees paid by a bank
 5 to the agency, for all mortgages which the agency commits to purchase
 6 from a bank at any one time shall in no event be more than the total of
 7 the unpaid principal balances thereof, plus accrued interest thereon.
 8 (3) In conducting its program of purchasing community land mortgages,
 9 the agency shall be governed by the provisions of paragraph (b) of
 10 subdivision three of section twenty-four hundred five of this part.
 11 (4) The agency shall require as a condition of purchase of community
 12 land mortgages from banks that each such bank certify that each such
 13 community land mortgage is to an individual borrower and is in addition
 14 to the mortgages such certifying bank otherwise would have made.
 15 (