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NY A04083
Bill
Status
1/29/2009
Primary Sponsor
William Barclay
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AI Summary
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Authorizes the New York mortgage agency to purchase veterans' assisted forward commitment mortgages from state banks at prices and terms determined by the agency
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Establishes maximum income limits for eligible veterans based on Internal Revenue Code limits for mortgage revenue bonds, with limits set by the agency's board of directors
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Defines "veteran" as someone who served in active military, naval, or air service during wartime or received specific expeditionary medals, and was discharged under honorable conditions
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Specifies eligible service periods including Spanish-American War, Philippine Insurrection, Mexican Border Campaign, World Wars I and II, Korean Hostilities, Vietnam Conflict, Persian Gulf Conflict, and certain operations in Lebanon, Grenada, and Panama
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Limits maximum loan-to-value ratio for veterans' mortgages to 99 percent of appraised property value, with specific ratio determined by the agency
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Takes effect 90 days after becoming law
Legislative Description
An act to amend the public authorities law, in relation to authorizing the state of New York mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state
Last Action
held for consideration in corporations, authorities and commissions
6/15/2010