NY A06045

Establishes the "Home Mortgage Bridge Loan Assistance Program" administered by the Division of Housing and Community Renewal to provide temporary supplemental mortgage payments to homeowners facing financial hardship due to involuntary job loss or reduced earnings.

Limits assistance to $60,000 per mortgagor over 24-36 months for one-to-four-family owner-occupied residences in New York where the mortgagor earns less than 120% of median family income for their area.

Requires mortgagees to provide 60-day notice before foreclosure and allows mortgagors 30 days to meet with credit counseling agencies and 10 additional days to apply for assistance, during which foreclosure proceedings are stayed.

Provides that assistance amounts exceeding the mortgagor's monthly contributions become loans secured by mortgage liens on the property, with interest accruing at the state's cost of funding, and repayment deferred until the mortgagor's income reaches 40% of total housing expenses.

Creates the "Home Mortgage Bridge Loan Assistance Fund" in the state comptroller's custody to receive appropriations, mortgagor repayments, and contributions from financial institutions seeking Community Reinvestment Act credit.