NY A06949 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on March 27 2019 - 25% progression
Action: 2019-03-27 - referred to housing
Pending: Assembly Housing Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

Tracking Information

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Title

Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

Sponsors


History

DateChamberAction
2019-03-27Assemblyreferred to housing

New York State Sources


Bill Comments

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