Assembly Bill A4942

2019-2020 Legislative Session

Establishes the new American homebuyer assistance program within the state of New York mortgage agency

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2019-A4942 (ACTIVE) - Details

See Senate Version of this Bill:
S2812
Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Add §2428-b, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7663
2021-2022: A2630, S5824
2023-2024: A2549, S2883

2019-A4942 (ACTIVE) - Summary

Establishes the New American homebuyer assistance program within the state of New York mortgage agency to assist first time homebuyers by imposing flexible documentation guidelines that take into account foreign documentation of income and assets.

2019-A4942 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4942
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Housing
 
 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.
              

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