BILL NUMBER:S6898

TITLE OF BILL:

An act to amend chapter 246 of the laws of 2010 amending the public
authorities law relating to the powers of the state of New York mortgage
agency, in relation to extending the provisions thereof

PURPOSE OF THE BILL:

This bill would for two years the State of New York Mortgage Agency
Mortgage Insurance Fund's ("MIF") authority to insure the full principal
amount of certain preservation loans (originated between January 1, 2004
and December 31, 2008) thereby enabling the MIF to provide needed
support for the refinancing of certain multi-family affordable housing
accommodations which became over leveraged during the current housing
crisis.

SUMMARY OF PROVISIONS:

Section 1 of the bill would amend Chapter 246 of the Laws of 2010 to
extend until June 30, 2014, MIF's authority to provide one hundred
percent mortgage insurance on certain loans that (originated between
January 1, 2004 and December 31, 2008) extended for the sole purpose of
refinancing existing indebtedness which relate to over leveraged multi-
family residential buildings.
              

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:

MIF has the authority sought in this bill only through June 30, 2012.

PRIOR LEGISLATIVE HISTORY:

This authority was originally granted for two years in Chapter 246 of
the Laws of 2010.

STATEMENT IN SUPPORT:

This bill would extend for two years MIF's authority to provide one
hundred percent mortgage insurance on certain loans (originated between
January 1, 2004 and December 31, 2008) extended for the sale purpose of
refinancing existing indebtedness relating to over-leveraged multi-fami-
ly residential buildings.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.