NY A08829

Amends the definition of "mortgage" in public authorities law to include loans for single-family modular or manufactured housing purchased and sited on land.

Extends mortgage definition to cover both first lien and second lien loans secured by real property where modular or manufactured housing will be constructed.

Requires mortgagors to contribute a minimum percentage of their own verifiable funds toward the purchase price or appraised value of the property securing a first lien.

Makes technical corrections to cross-references in tax law section 210-B, changing references from "one hundred eighty-seven" to "two hundred ten-B" and from "two thousand four" to "twenty-four."

Takes effect on the same date as the 2021 legislation (S. 7185 and A. 7719) relating to modular and manufactured housing construction.