NY A07719

Adds modular and manufactured housing to the definition of eligible mortgage types that the Housing Finance Agency can purchase, including construction loans for single-family modular or manufactured housing purchased and sited on land.

Expands the definition of "bank" to include domestic not-for-profit corporations certified by the United States Department of Treasury as community development financial institutions or licensed by the New York State Department of Financial Services.

Allows the agency to acquire new construction mortgage loans for single-family modular or manufactured housing from banks and enter into advance commitments to purchase such mortgages.

Establishes that new construction loans for modular or manufactured housing are governed by specific provisions of section 2405 of the Public Authorities Law related to interest rates and mortgage requirements.

Declares a finding that there is a shortage of adequate funds to assist in the new construction of modular and manufactured housing.