S T A T E   O F   N E W   Y O R K
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                                  4507

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              April 5, 2013
                               ___________

Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to amend the public authorities law, in relation to authorizing
  the state of New York mortgage agency to purchase  veterans'  assisted
  forward commitment mortgages from banks within the state

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The public authorities law  is  amended  by  adding  a  new
section 2405-f to read as follows:
  S 2405-F. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
(1)  IN  ACCORDANCE  WITH THE AUTHORITY SET FORTH IN SECTION TWENTY-FOUR
HUNDRED FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS'  ASSISTED
FORWARD  COMMITMENT  MORTGAGES  FROM  BANKS AT SUCH PRICES AND UPON SUCH
TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
PURCHASING VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES,  THE  AGENCY
SHALL  BE  GOVERNED  BY SECTION TWENTY-FOUR HUNDRED FIVE-B OF THIS PART.
THE BOARD OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME  TO  TIME
MAXIMUM  INCOME  LIMITS  OF  PERSONS ELIGIBLE TO RECEIVE SUCH MORTGAGES,
WHICH INCOME LIMITS SHALL NOT EXCEED THE LATEST  MAXIMUM  INCOME  LIMITS
PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
GAGES FINANCED BY MORTGAGE REVENUE BONDS.
  (2)  FOR  PURPOSES  OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS:
  "VETERAN" MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL,  OR
AIR  SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A RECIPI-
ENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY  EXPEDITIONARY  MEDAL,
MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
ARY  MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE
CONDITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00162-01-3

              

S. 4507                             2

  "SERVICE DURING A TIME OF WAR" MEANS: (A) THE INDIVIDUAL  IN  QUESTION
WAS A RECIPIENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, THE NAVY EXPED-
ITIONARY MEDAL OR THE MARINE CORPS EXPEDITIONARY MEDAL FOR PARTICIPATION
IN  OPERATIONS IN LEBANON FROM JUNE FIRST, NINETEEN HUNDRED EIGHTY-THREE
TO  DECEMBER FIRST, NINETEEN HUNDRED EIGHTY-SEVEN, IN GRENADA FROM OCTO-
BER   TWENTY-THIRD,   NINETEEN   HUNDRED   EIGHTY-THREE   TO    NOVEMBER
TWENTY-FIRST,  NINETEEN HUNDRED EIGHTY-THREE, OR IN PANAMA FROM DECEMBER
TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANUARY  THIRTY-FIRST,  NINE-
TEEN HUNDRED NINETY; OR
  (B)  THE  INDIVIDUAL  SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE  OF  THE  FOLLOWING
WARS OR HOSTILITIES:
  (I)  IN  THE  SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH  DAY  OF  APRIL,  EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (II)  IN  THE  PHILIPPINE  INSURRECTION OR THE CHINA RELIEF EXPEDITION
FROM THE ELEVENTH DAY OF APRIL,  EIGHTEEN  HUNDRED  NINETY-NINE  TO  THE
FOURTH DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (III)  IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINE-
TEEN HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVEN-
TEEN, INCLUSIVE;
  (IV) IN WORLD WAR I FROM THE SIXTH  DAY  OF  APRIL,  NINETEEN  HUNDRED
SEVENTEEN  TO  THE  ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
INCLUSIVE;
  (V) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE  TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN   HUNDRED
FORTY-SIX, INCLUSIVE;
  (VI)  IN  THE  KOREAN HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
NINETEEN HUNDRED FIFTY TO THE  THIRTY-FIRST  DAY  OF  JANUARY,  NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (VII)  IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY,  NINETEEN  HUNDRED
SEVENTY-FIVE;
  (VIII)  IN  THE  PERSIAN  GULF CONFLICT FROM THE SECOND DAY OF AUGUST,
NINETEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  (3) FOR ANY VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGE, THE  MAXI-
MUM  LOAN-TO-VALUE  RATIO  SHALL  BE ESTABLISHED BY THE AGENCY, PROVIDED
THAT SUCH LOAN SHALL NOT EXCEED NINETY-NINE  PERCENT  OF  THE  APPRAISED
VALUE OF THE MORTGAGED PREMISES.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.