New York A 1789: Directs the director of the division of minority and women's business development to provide for the minority and women-owned business certification of business entities owned by Indian nations or tribes

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A01789 Summary:

BILL NOA01789 

&nbsp

SAME ASNo Same As

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SPONSORFitzpatrick (MS)

&nbsp

COSPNSRTague

&nbsp

MLTSPNSRDeStefano, Manktelow

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Amd §2402, add §2405-g, Pub Auth L

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Authorizes the state of New York mortgage agency to purchase construction 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 A01789 Actions:

BILL NOA01789 

&nbsp

01/14/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA01789 Committee&nbspVotes:

Go to topA01789 Floor&nbspVotes:

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

Go to topA01789 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1789

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of
 A. DeSTEFANO, MANKTELOW -- read once and referred to the Committee on
 Corporations, Authorities and Commissions

 AN ACT to amend the public authorities law, in relation to authorizing
 the state of New York mortgage agency to purchase construction 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 a new subdivision 18 to read as follows:
 3 (18) "Construction mortgage". A loan extended by a bank secured by a
 4 mortgage on real property improved by a residential structure for the
 5 construction of such structure.
 6 § 2. The public authorities law is amended by adding a new section
 7 2405-g to read as follows:
 8 § 2405-g. Purchase of construction mortgages. (1) A purpose of the
 9 agency shall be to purchase construction mortgages from banks within the
 10 state during periods when there is an inadequate supply of credit avail-
 11 able for new residential mortgages or available for such loans at carry-
 12 ing charges within the financial means of persons and families of low
 13 and moderate income.
 14 It is hereby found and declared that such activities by the agency
 15 will alleviate a condition in this state which is contrary to the public
 16 health, safety and general welfare and which has constituted in the past
 17 and from time to time in the future can be expected to constitute a
 18 public emergency. It is further found and declared that such purposes
 19 are in all respects for the benefit of the people of the state of New
 20 York and the agency shall be regarded as performing an essential govern-
 21 mental function in carrying out its purposes and in exercising the
 22 powers granted by this title.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04002-01-5

 A. 1789 2

 1 (2) (a) The agency shall require construction mortgages provide that
 2 the estimated cost of the construction shall be at least fifty percent
 3 of the mortgagor's adjusted basis in the residential real property
 4 (including land).
 5 (b) Such construction mortgages shall also provide that the purchase
 6 price of the real property plus the estimated cost of the construction
 7 shall fall within current agency regulations pertaining to maximum
 8 purchase price. Any commitment issued by a bank for such construction
 9 mortgage shall provide that the bank shall certify the cost of the
 10 construction of the residential structure and that the bank shall moni-
 11 tor ongoing construction through periodic inspections and shall perform
 12 a final inspection.
 13 (3) The agency shall purchase construction mortgages from banks at
 14 such prices and upon such terms and conditions as it shall determine;
 15 provided, however, that the total purchase price, exclusive of any
 16 amounts representing a refund of commitment or other fees paid by a bank
 17 to the agency, for all mortgages which the agency commits to purchase
 18 from a bank at any one time shall in no event be more than the total of
 19 the unpaid principal balances thereof, plus accrued interest