NY A10730

Establishes the New York State Community Restoration Fund administered by the State Mortgage Agency to assist homeowners affected by the mortgage crisis who face foreclosure or economic hardship.

Authorizes the agency to acquire residences and purchase mortgages, or provide funds to eligible institutions (community development financial institutions, nonprofits, housing counselors, and land banks) to acquire properties and mortgages in economically distressed investment areas.

Fund monies may be used to modify residential loans to affordable rates, allow homeowners to transfer ownership to the agency while remaining as tenants, rehabilitate distressed properties, and demolish uninhabitable homes.

Requires the agency to establish an advisory council with at least seven members, majority from nonprofit community organizations with foreclosure and housing expertise, to develop program guidelines and selection criteria for eligible institutions.

Mandates annual reporting to the governor and legislative leaders detailing fund use and activities of all eligible institutions receiving funding under the program.