Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
Mar 18, 2009 |
committee discharged and committed to housing, construction and community development |
Jan 07, 2009 |
referred to finance |
Senate Bill S126
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) Senate District
2009-S126 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4409
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Appropriations
- Laws Affected:
- Add Art 16-B ยงยง930 - 935, Priv Hous Fin L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1649, A4880, A6896
2013-2014: A6747
2009-S126 (ACTIVE) - Summary
Establishes the urban homeowners assistance program to assist first time, low or moderate income, or minority homeowners avoid foreclosure by authorizing and directing the commissioner of the state division of housing and community renewal to enter into contracts with neighborhood preservation companies to provide for such assistance to residents in certain urban communities; makes an appropriation therefor.
2009-S126 (ACTIVE) - Sponsor Memo
BILL NUMBER: S126 TITLE OF BILL : An act to amend the private housing finance law, in relation to establishing the urban homeowners assistance program; and making an appropriation therefor PURPOSE : Authorizes contracts for the release of grant moneys to neighborhood preservation companies to provide home ownership assistance activities. SUMMARY OF PROVISIONS : The private housing finance law is amended by adding a new article 16-B to define the urban home ownership assistance program. JUSTIFICATION : There is currently a mortgage crisis in the United States and the State of New York. Rising interest rates are dramatically increasing the amounts of required monthly mortgage payments for home owners who financed their property by using Adjustable Rate Mortgages. In some cases consumers are required to pay double what their former payments were under their old rates. In addition, "Interest Only" payment plans, "No Money Down" and 40-year mortgage loans are also leading consumers to greater hardship and financial difficulty. Inability to
2009-S126 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 126 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. SAMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the private housing finance law, in relation to estab- lishing the urban homeowners assistance program; and making an appro- priation therefor THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The private housing finance law is amended by adding a new article 16-B to read as follows: ARTICLE XVI-B URBAN HOMEOWNERSHIP ASSISTANCE PROGRAM SECTION 930. DECLARATION OF LEGISLATIVE FINDINGS. 931. DEFINITIONS. 932. CONTRACTS WITH NEIGHBORHOOD PRESERVATION COMPANIES. 933. PAYMENT TO NEIGHBORHOOD PRESERVATION COMPANIES FOR HOMEOWN- ERSHIP TECHNICAL ASSISTANCE AND TRAINING. 934. LEGAL AID AGREEMENTS. 935. ANNUAL REPORT TO THE LEGISLATURE. S 930. DECLARATION OF LEGISLATIVE FINDINGS. THE LEGISLATURE HEREBY FINDS AND DECLARES THAT THERE HAS DEVELOPED A DAMAGING IMPACT OF PREDA- TORY AND SUBPRIME RESIDENTIAL MORTGAGE LENDING PATTERNS IN VARIOUS VULNERABLE NEIGHBORHOODS AND COMMUNITIES OF THE STATE AND THAT THE RELATIONSHIP BETWEEN THE PREDOMINANCE OF SUBPRIME LOANS AND HIGH CONCEN- TRATIONS OF FORECLOSURE ACTIONS BEING FILED HAS BEEN FORECAST AND CLEAR- LY DOCUMENTED. THE LEGISLATURE FURTHER FINDS THAT THE SCARCITY OF RESOURCES DEDICATED TO HOUSING COUNSELING AND HOME BUYER EDUCATION SERVICES HAS LEFT MANY FIRST TIME, LOW AND/OR MODERATE INCOME, OR MINOR- ITY HOMEBUYERS AT RISK. THE LEGISLATURE FURTHER FINDS THAT IN MANY URBAN COMMUNITIES WHERE SUBPRIME LENDERS DOMINATE REFINANCING AND HOME EQUITY MORTGAGE MARKETS, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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