S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7842
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 7, 2023
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the public authorities law,  in  relation  to  expanding
   access  to  mortgage  financing  for  cooperative properties under the
   homes for veterans program
 
   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. SPECIAL PROVISIONS FOR VETERANS. (1)  DEFINITIONS.  FOR  THE
 PURPOSES  OF  THIS ARTICLE, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "PERSON" SHALL  MEAN  A  VETERAN,  OR  THEIR  SURVIVING  UNMARRIED
 SPOUSE.
   (B) "VETERAN" SHALL:
   (I) HAVE THE SAME MEANING AS SET FORTH IN SUBDIVISION THREE OF SECTION
 ONE OF THE VETERANS' SERVICES LAW; AND
   (II)  INCLUDE  MEMBERS OF THE ARMY NATIONAL GUARD, AIR NATIONAL GUARD,
 AND OTHER RESERVE COMPONENTS OF THE ARMED FORCES OF THE UNITED STATES OR
 NEW YORK WHO ARE CURRENTLY SERVING ON ACTIVE DUTY OR HAVE BEEN  RELEASED
 FROM  SUCH  SERVICE  UNDER  OTHER  THAN DISHONORABLE CONDITIONS, AND ALL
 MILITARY MEMBERS WHO ARE CURRENTLY SERVING ON ACTIVE DUTY IN  NEW  YORK,
 REGARDLESS OF SUCH MEMBERS' DISCHARGE STATUS.
   (2)  CONSTRUCTION.  (A)  THE PROVISIONS OF THIS SECTION SHALL APPLY TO
 ANY MORTGAGE PURCHASED BY THE AGENCY  PURSUANT  TO  SECTION  TWENTY-FOUR
 HUNDRED FIVE OF THIS PART UNDER THE HOMES FOR VETERANS PROGRAM.
   (B)  NO  CONTRACT  OR  AGREEMENT FOR THE PROVISION OF LOAN OR MORTGAGE
 LOAN SERVICES BETWEEN THE AGENCY AND AN ELIGIBLE PERSON PURSUANT TO THIS
 SECTION SHALL BE CONSTRUED AS TO LIMIT SUCH PERSON'S  ELIGIBILITY  UNDER
 ANY  OTHER  FINANCING  PROGRAM OFFERED BY THE STATE OF NEW YORK MORTGAGE
 AGENCY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11822-01-3
              

 A. 7842                             2
 
   (3) HOMES FOR VETERANS PROGRAM REQUIREMENTS. NOTWITHSTANDING ANY OTHER
 PROVISION OF LAW OR REGULATION TO THE CONTRARY, ANY CONTRACT  OR  AGREE-
 MENT  FOR  THE PROVISION OF A LOAN OR MORTGAGE LOAN SERVICES BETWEEN THE
 AGENCY AND AN ELIGIBLE PERSON UNDER THE HOMES FOR VETERANS PROGRAM SHALL
 BE SUBJECT TO THE FOLLOWING PROVISIONS:
   (A)  NO  SUCH  CONTRACT  OR AGREEMENT SHALL REQUIRE A MINIMUM BORROWER
 CASH CONTRIBUTION FROM SUCH PERSON GREATER THAN ONE PERCENT OF THE VALUE
 OF THE PROPERTY SECURING SUCH LOAN OR MORTGAGE LOAN; AND
   (B) NO APPLICATION BY AN ELIGIBLE PERSON FOR A LOAN OR  MORTGAGE  LOAN
 SECURED  BY  A RESIDENTIAL PROPERTY IN A COOPERATIVE HOUSING CORPORATION
 SHALL BE REJECTED BASED ON:
   (I) THE NUMBER OF UNITS, OCCUPANCY RATES, OR LOCATION OF  SUCH  CORPO-
 RATION;
   (II) THE PERCENTAGE OF UNITS ALREADY SOLD IN SUCH CORPORATION; OR
   (III)  THE  STATUS OF SUCH CORPORATION AS A LIMITED EQUITY COOPERATIVE
 PROJECT.
   § 2. This act shall take effect on the thirtieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such effective date.