Bill > A04843

This bill authorizes the establishment of the Home Equity Protection Insurance Program, which directs the New York State Housing Finance Agency to issue a commitment to insure and insure the full value of certain owner-occupied residences (one-to-four family homes, condominiums, and cooperatives) for persons who meet the income qualifications for a forward commitment mortgage. The bill establishes a revolving fund, funded by premiums from the insurance policies, to carry out the program. The agency is required to maintain a reserve of at least 20% of the insured amounts and can invest the fund's moneys in certain financial instruments.