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.
Summary
Bill A07538 seeks to amend the public authorities law to empower the State of New York Mortgage Agency to purchase veterans' assisted forward commitment mortgages from banks operating within the state. This initiative aims to facilitate access to home financing for veterans by allowing the agency to acquire these mortgages under terms it deems appropriate. The bill also mandates that the agency's board of directors periodically establish maximum income limits for veterans eligible to receive such mortgages, ensuring compliance with federal guidelines.
Impact
The enactment of this bill will modify existing public authorities law to include provisions specifically for veterans' assisted forward commitment mortgages. This change is expected to enhance the availability of mortgage options for veterans in New York, potentially increasing homeownership rates among this demographic. The bill aligns state law with federal standards regarding income limits, thereby streamlining the process for veterans seeking financial assistance for home purchases.
Sentiment
The sentiment surrounding Bill A07538 appears to be generally positive, with discussions highlighting the importance of supporting veterans in achieving homeownership. There is a recognition of the need for targeted financial assistance for veterans, which this bill aims to address. However, without recorded votes or detailed committee discussions, the extent of support or opposition remains unclear.
Contention
While there are no explicit points of contention noted in the available context, potential areas of debate could arise regarding the specific income limits set by the agency and how they align with the needs of veterans. Stakeholders may have differing opinions on the adequacy of these limits and the overall effectiveness of the program in addressing veterans' housing needs.
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.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on such mortgagor's mortgage debt.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on his or her mortgage debt.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on his or her mortgage debt.
Makes clarifying changes in regards to the purchase of flood insurance by mortgagors that exceeds certain limits upon a mortgagees request; amends the effectiveness thereof.
Includes the Space Force as being members of the armed forces or veterans eligible for certain credits and benefits that are available to other active and veteran members of the armed forces.
Includes the Space Force as being members of the armed forces or veterans eligible for certain credits and benefits that are available to other active and veteran members of the armed forces.
Relates to the membership of the board of trustees of the state university of New York; reduces the number of trustees appointed by the governor from fifteen to ten; adds one trustee appointment by the speaker of the assembly, one by the temporary president of the senate, one by a majority vote of SUNY and CUNY staff, and two by a majority vote of SUNY alumni.
Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on bonds may be called for redemption prior to their date of maturity in such amounts, at such times in such manner and pursuant to such terms as may be determined by the finance board of a municipality, school district or corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.