Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to finance |
Jan 11, 2011 |
referred to finance |
Senate Bill S1674
2011-2012 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Finance 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, WF) Senate District
(D) Senate District
(D, WF) 21st Senate District
2011-S1674 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Appropriations
- Laws Affected:
- Add Art 16-B ยงยง930 - 935, Priv Hous Fin L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S127
2013-2014: S526
2015-2016: S4012
2011-S1674 (ACTIVE) - Summary
Establishes the rural homeowners assistance program for assisting first time, low or moderate income, or minority homeowners from foreclosure by authorizing and directing the commissioner of state division of housing and community renewal to enter into contracts with neighborhood preservation companies to provide such assistance to residents in certain rural communities; appropriates $1,000,000 for such purposes.
2011-S1674 (ACTIVE) - Sponsor Memo
BILL NUMBER:S1674 TITLE OF BILL: An act to amend the private housing finance law, in relation to establishing the rural 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 l6-B to define the rural 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 pay mortgages leads more consumers to bankruptcy or foreclosure.
2011-S1674 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1674 2011-2012 Regular Sessions I N S E N A T E January 11, 2011 ___________ 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 rural 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 RURAL HOMEOWNERSHIP ASSISTANCE PROGRAM SECTION 930. DECLARATION OF LEGISLATIVE FINDINGS. 931. DEFINITIONS. 932. CONTRACTS WITH NEIGHBORHOOD PRESERVATION COMPANIES IN RURAL AREAS. 933. PAYMENTS TO NEIGHBORHOOD PRESERVATION COMPANIES FOR HOMEOWNERSHIP, 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 SUB-PRIME RESIDENTIAL MORTGAGE LENDING PATTERNS IN VARIOUS VULNERABLE NEIGHBORHOODS AND COMMUNITIES OF THE STATE AND THAT THE RELATIONSHIP BETWEEN THE PREDOMINANCE OF SUB-PRIME LOANS AND HIGH CONCENTRATIONS OF FORECLOSURE ACTIONS BEING FILED HAS BEEN FORECAST AND CLEARLY 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 OR MODERATE INCOME, OR MINORITY HOMEBUYERS AT RISK. THE LEGISLATURE FURTHER FINDS THAT IN RURAL COMMUNITIES WHERE SUB-PRIME LENDERS DOMINATE REFINANCING AND HOME EQUITY MORTGAGE MARKETS, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05894-01-1
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