Bill
Bill > A02174
NY A02174
NY A02174Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counseling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the gove
summary
Introduced
01/14/2021
01/14/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counseling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.
AI Summary
This bill establishes a reverse mortgage loan program within the State of New York Mortgage Agency to enable elderly homeowners to stay at home and pay for their long-term care. The program defines key terms, sets eligibility requirements, and requires a care needs assessment for each applicant. The bill also directs area agencies on aging to provide counseling and assistance to applicants, and requires independent counseling in compliance with HUD regulations. Additionally, the bill directs the State of New York Mortgage Agency to issue an annual report on the program's activities.
Committee Categories
Housing and Urban Affairs
Sponsors (9)
William Colton (D)*,
Vivian Cook (D)*,
Alicia Hyndman (D)*,
Victor Pichardo (D)*,
Karines Reyes (D)*,
Jo Anne Simon (D)*,
Jaime Williams (D)*,
Brian Barnwell (D),
Judy Griffin (D),
Last Action
referred to housing (on 01/05/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A2174 | 01/15/2021 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A02174&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A02174 | 01/15/2021 |
Loading...