New York A 7484: Extends provisions reinstating prior approved work permits and waiving requirements as such provisions relate to rebuilding and repairing homes devastated by Hurricane Sandy in the city of New York

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A07484 Summary:

BILL NOA07484 

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SAME ASNo Same As

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SPONSORNovakhov (MS)

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COSPNSRBarclay, Blankenbush, Ra, Tague, Giglio, Fitzpatrick

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MLTSPNSRBrook-Krasny, DeStefano, Manktelow, McDonough, Norber

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Amd §2404, add §2405-g, Pub Auth L

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Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.

Go to top A07484 Actions:

BILL NOA07484 

&nbsp

03/28/2025referred to housing

01/07/2026referred to housing

Go to topA07484 Committee&nbspVotes:

Go to topA07484 Floor&nbspVotes:

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

Go to topA07484 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7484

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

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

 AN ACT to amend the public authorities law, in relation to establishing
 a home equity protection insurance program

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

 1 Section 1. Subdivision 33 of section 2404 of the public authorities
 2 law, as renumbered by chapter 72 of the laws of 2016, is renumbered
 3 subdivision 34 and a new subdivision 33 is added to read as follows:
 4 (33) To establish and administer a home equity protection insurance
 5 program in accordance with section twenty-four hundred five-g of this
 6 part.
 7 § 2. The public authorities law is amended by adding a new section
 8 2405-g to read as follows:
 9 § 2405-g. Home equity protection insurance program. (1) The agency is
 10 hereby directed, to the extent it finds practicable, to establish a home
 11 equity protection insurance program whereby it will issue a commitment
 12 to insure and insure the full value of a one-to-four family residence,
 13 including a condominium and a cooperative, that is owner-occupied by any
 14 person or persons who meet the income qualifications for a forward
 15 commitment mortgage pursuant to section twenty-four hundred five-b of
 16 this part. The full value of the residential real property shall be
 17 determined by either its purchase price, the purchase price plus the
 18 cost of any rehabilitation to the residence, or an appraisal. The insur-
 19 ance shall be issued by the agency after the purchase or the rehabili-
 20 tation of the real property upon payment of a premium that the agency
 21 shall determine.
 22 (2) Upon the sale of the residential real property that is insured by
 23 the agency through its home equity insurance program, the agency shall

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04373-01-5

 A. 7484 2

 1 pay the policy holder/owner the difference between the face value of the
 2 insurance policy and the sales price of the insured premises if such
 3 sales price is less than the insured amount and if the policy
 4 holder/owner has lived in the premises for a period of not less than
 5 three years. The agency shall establish procedures to be followed by a
 6 policy holder/owner in the event of a payment under the terms of any
 7 home equity protection insurance policy. The agency shall not be
 8 required to pay on a claim for a loss of equity if it determines that
 9 such loss occurred predominantly from the policy holder/owner's neglect
 10 of the real property's physical condition.
 11 (3)(a) The agency shall create a home equity protection insurance fund
 12 to be used as a revolving fund for carrying out the provisions of this
 13 section with respect to residential real property insured thereunder.
 14 The agency shall pay into such fund all moneys which may be available to
 15 the agency for the purposes of such fund from any source, including but
 16 not limited to the moneys received from premiums derived from the issu-
 17 ance of home equity protection insurance policies.
 18 (b) The agency shall maintain in the