Bill Text: NY S02239 | 2015-2016 | General Assembly | Amended

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Bill Title: Enacts the "home mortgage bridge loan assistance act of 2016".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-13 - PRINT NUMBER 2239A [S02239 Detail]

Download: New_York-2015-S02239-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2239--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 22, 2015
                                       ___________
        Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community  Development  --  recommitted  to  the Committee on Housing,
          Construction and Community Development in accordance with Senate  Rule
          6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        AN ACT to amend the private housing finance law, in relation to enacting
          the "home mortgage bridge loan assistance act of 2016"; and  to  amend
          the  state  finance law, in relation to establishing the home mortgage
          bridge loan assistance fund
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1.  The private housing finance law is amended by adding a new
     2  article 28 to read as follows:
     3                                 ARTICLE 28
     4                          HOME MORTGAGE BRIDGE LOAN
     5                                 ASSISTANCE
     6  Section 1250. Short title.
     7          1251. Legislative findings and purpose.
     8          1252. Definitions.
     9          1253. Home mortgage bridge loan assistance.
    10          1254. Notice, timing and stay of proceeding requirements.
    11          1255. Eligibility.
    12          1256. Temporary payments of assistance.
    13    §  1250.  Short title. This article shall be known and may be cited as
    14  the "home mortgage bridge loan assistance act of 2016".
    15    § 1251. Legislative findings and purpose. (1) Findings.  The  legisla-
    16  ture hereby finds and declares that:
    17    (a)  this state and the United States have experienced the collapse of
    18  a sizeable primary and secondary real estate  market  bubble  which  few
    19  foresaw and many now suffer the wealth destructive effects of;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00435-02-6