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Bill > A07403
NY A07403
NY A07403Facilitates the purchase by the state of New York mortgage agency of mortgages on manufactured homes.
summary
Introduced
05/19/2023
05/19/2023
In Committee
06/08/2023
06/08/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the public authorities law, in relation to facilitating the purchase by the state of New York mortgage agency of mortgages on manufactured homes
AI Summary
This bill amends the Public Authorities Law to facilitate the purchase by the New York State Mortgage Agency (SONYMA) of mortgages on manufactured homes. The key changes include: (1) expanding the definition of "mortgage" to include loans secured by tangible personal property, such as manufactured homes; (2) allowing SONYMA to purchase second-lien mortgages on manufactured homes; and (3) making technical changes to SONYMA's mortgage insurance program to accommodate loans on manufactured homes. The bill aims to increase access to affordable housing by enabling SONYMA to support the purchase and financing of manufactured homes, which can provide a more cost-effective option for homeownership.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
substituted by s7541 (on 06/09/2023)
Official Document
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