S T A T E O F N E W Y O R K ________________________________________________________________________ 9736 I N A S S E M B L Y May 20, 2014 ___________ Introduced by M. of A. WRIGHT -- (at request of the New York State Homes and Community Renewal) -- read once and referred to the Committee on Housing AN ACT to amend the public authorities law, in relation to government sponsored enterprises; and to amend chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subdivision 17 of section 2402 of the public authorities 2 law, as amended by chapter 151 of the laws of 2013, is amended to read 3 as follows: 4 (17) "Government sponsored enterprises". Privately owned, publicly 5 chartered entities, and wholly-owned corporate instrumentalities of the 6 United States within the department of housing and urban development, 7 created pursuant to 12 USC 1717(a)(2)(A), all created by Congress to 8 encourage lending and reduce costs primarily in the housing sector of 9 the economy, AND ANY SUCCESSOR ENTITY OR ENTITIES CREATED BY CONGRESS TO 10 CONTINUE TO SERVE SAID PURPOSES. 11 S 2. Section 4 of chapter 208 of the laws of 2010 amending the public 12 authorities law relating to the powers of the state of New York mortgage 13 agency, as amended by chapter 327 of the laws of 2012, is amended to 14 read as follows: 15 S 4. This act shall take effect immediately, provided that the amend- 16 ments to subdivision 5 of section 2402 of the public authorities law 17 made by section one of this act shall be subject to the expiration and 18 reversion of such subdivision pursuant to section 16 of chapter 915 of 19 the laws of 1982, as amended, when upon such date the provisions of 20 section two of this act shall take effect; further provided that this 21 act shall expire and be deemed repealed [December 31, 2014] JULY 23, 22 2015. 23 S 3. This act shall take effect immediately; provided, however, that 24 the amendments to subdivision 17 of section 2402 of the public authori- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13818-02-4 A. 9736 2 1 ties law made by section one of this act shall not affect the repeal of 2 such subdivision and shall be deemed to be repealed therewith.