Assembly Bill A2233

2021-2022 Legislative Session

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

download bill text pdf

Sponsored By

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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2021-A2233 (ACTIVE) - Details

See Senate Version of this Bill:
S2281
Current Committee:
Assembly Judiciary
Law Section:
Public Authorities Law
Laws Affected:
Add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4083
2011-2012: A1253
2013-2014: A468
2015-2016: A3201
2017-2018: A1567
2019-2020: A1714, S4775
2023-2024: A2066

2021-A2233 (ACTIVE) - Summary

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

2021-A2233 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2233
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by  M.  of  A. HAWLEY, MONTESANO, DiPIETRO, BRABENEC, ASHBY,
   MORINELLO, SMULLEN, WALSH, SALKA, MANKTELOW, B. MILLER,  PALMESANO  --
   Multi-Sponsored  by  -- M. of A. DeSTEFANO, M. MILLER -- read once and
   referred to the Committee on Judiciary
 
 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-g to read as follows:
   § 2405-G. 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.
              

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