Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 05, 2018 |
referred to corporations, authorities and commissions |
Senate Bill S7663
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
2017-S7663 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §2428-b, Pub Auth L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
S2812
2021-2022: S5824
2023-2024: S2883
2017-S7663 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7663 SPONSOR: ALCANTARA TITLE OF BILL: An act to amend the public authorities law, in relation to establishing the new American homebuyer assistance program within the state of New York mortgage agency PURPOSE: This bill authorizes and establishes the new American homebuyer program within the state of new York mortgage agency SUMMARY OF PROVISIONS: Section 1. Establishes the new American homebuyer program; delineates program parameters, eligibility, and features. Section 2. Established immediate effective date. EXISTING LAW:
2017-S7663 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7663 I N S E N A T E February 5, 2018 ___________ Introduced by Sen. ALCANTARA -- 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 establishing the new American homebuyer assistance program within the state of New York mortgage agency 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 2428-b to read as follows: § 2428-B. NEW AMERICAN HOMEBUYER ASSISTANCE PROGRAM. 1. ESTABLISH- MENT. THE AGENCY IS HEREBY AUTHORIZED AND DIRECTED TO CREATE, MANAGE, AND MAINTAIN THE "NEW AMERICAN HOMEBUYER ASSISTANCE PROGRAM". THE AGEN- CY SHALL MAKE SUCH RULES AND REGULATIONS AS NECESSARY TO IMPLEMENT THE NEW AMERICAN HOMEBUYER ASSISTANCE PROGRAM. THE PURPOSE OF THE PROGRAM IS TO PROVIDE HOMEBUYER ASSISTANCE TO ELIGIBLE HOMEBUYERS PURCHASING THEIR FIRST RESIDENCE BY IMPOSING FLEXIBLE DOCUMENTATION GUIDELINES THAT TAKE INTO ACCOUNT FOREIGN DOCUMENTATION OF INCOME AND ASSETS. 2. DEFINITIONS. FOR PURPOSES OF THIS SECTION: (A) "RESIDENCE" MEANS A SINGLE-FAMILY HOME, A ONE TO FOUR FAMILY HOME, A CONDOMINIUM HOUSING UNIT OR A HOUSING UNIT OWNED BY A COOPERATIVE HOUSING CORPORATION, THAT IS LOCATED WITHIN THE STATE. (B) "ELIGIBLE HOMEBUYER" MEANS ANY PERSON WHO (A) HAS NOT HAD ANY OWNERSHIP INTEREST IN HIS OR HER PRIMARY RESIDENCE THAT IS LOCATED WITH- IN THE UNITED STATES AT ANY TIME DURING THE THREE YEARS PRIOR TO THE DATE OF MAKING AN APPLICATION FOR AN AGENCY MORTGAGE LOAN; (B) IS CURRENTLY AN ALIEN ADMITTED TO THE UNITED STATES AS A LAWFUL PERMANENT RESIDENT WITHIN THE PAST TEN YEARS AND; (C) AT THE TIME OF MAKING THE LOAN APPLICATION TO THE AGENCY, DOES NOT OWN A VACATION OR INVESTMENT HOME WHETHER SUCH VACATION OR INVESTMENT HOME IS OWNED IN THE UNITED STATES OR ABROAD. THIS INCLUDES A SPOUSE OR A SINGLE PARENT WHO HAS ONLY OWNED WITH A FORMER SPOUSE WHILE MARRIED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14593-02-8
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