New York S 10314: Enacts the "Housing mobility mortgage study act"

Bill Text

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S10314 Summary:

BILL NOS10314 

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SAME ASNo Same As

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SPONSORWEBER

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Enacts the "Housing mobility mortgage study act" to direct the commissioner of housing and community renewal, in consultation with the state of New York mortgage agency (SONYMA) to study the potential impacts of establishing a state-backed housing mobility mortgage program within the state of New York.

Go to top S10314 Actions:

BILL NOS10314 

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05/12/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS10314 Committee&nbspVotes:

Go to topS10314 Floor&nbspVotes:

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

Go to topS10314 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10314

 IN SENATE

 May 12, 2026
 ___________

 Introduced by Sen. WEBER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to study the potential impacts of establishing a state-backed
 mobility mortgage program

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "Housing Mobility Mortgage Study Act".
 3 § 2. Study on housing mobility mortgage programs. 1. The commissioner
 4 of housing and community renewal, in consultation with the state of New
 5 York mortgage agency (SONYMA), shall conduct a study on the feasibility
 6 and potential impacts of establishing a state-backed housing mobility
 7 mortgage program within the state of New York.
 8 2. Such study shall include, but not be limited to, an analysis of:
 9 (a) the administrative and operational feasibility of establishing a
 10 housing mobility mortgage program through SONYMA;
 11 (b) the potential effects of such a program on housing inventory,
 12 housing mobility, residential real estate markets, and housing afforda-
 13 bility within the state;
 14 (c) potential mortgage structures or financing models that could
 15 facilitate housing mobility for homeowners relocating within the state;
 16 (d) the feasibility of offering below-market mortgage financing
 17 through SONYMA for homeowners purchasing a new primary residence follow-
 18 ing the sale of a prior primary residence;
 19 (e) the potential use of housing bonds, mortgage revenue bonds,
 20 revolving loan funds, or other financing mechanisms to support such a
 21 program;
 22 (f) the fiscal and budgetary impacts of establishing such a program,
 23 including potential impacts on taxpayers, state finances, and existing
 24 housing finance programs;
 25 (g) the potential effects on the financial stability, bonding capaci-
 26 ty, and operational responsibilities of SONYMA;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15852-01-6

 S. 10314 2

 1 (h) existing federal laws, regulations, secondary mortgage market
 2 requirements, or federal housing finance policies that may affect imple-
 3 mentation of such a program;
 4 (i) any statutory, regulatory, or administrative changes necessary to
 5 implement such a program;
 6 (j) potential underwriting standards, occupancy requirements, loan
 7 caps, reserve requirements, eligibility restrictions, or anti-specula-
 8 tion safeguards necessary to ensure program sustainability;
 9 (k) whether a limited pilot or demonstration program would be feasible
 10 or beneficial and recommendations regarding the administration and over-
 11 sight of such a program;
 12 (l) existing mortgage mobility, mortgage portability, assumability, or
 13 similar housing finance programs or models utilized in other states or
 14 countries;
 15 (m) the estimated number and categories of homeowners that may benefit
 16 from such a program; and
 17 (n) any other information the commissioner or SONYMA deems relevant.
 18 § 3. Consultation. In conducting the study required pursuant to
 19 section two of this act, the commissioner and SONYMA may consult with:
 20 (a) the federal housing finance agency;
 21 (b) the federal national mortgage association;
 22 (c) the federal home loan mortgage corporation;
 23 (d) the department of housing and urban development;
 24 (e