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NY A04365
Bill
Status
2/14/2023
Primary Sponsor
Michael Fitzpatrick
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AI Summary
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Defines "community land mortgage" as a first lien on leasehold property where a not-for-profit housing company retains title and sells improvements to low or moderate income persons or families with long-term leases.
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Authorizes the state mortgage agency to purchase community land mortgages from banks when credit supply is inadequate or carrying charges are unaffordable for low and moderate income borrowers.
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Requires the agency to approve ground leases and permits resale restrictions and maximum sales price caps that terminate upon foreclosure or assignment in lieu of foreclosure.
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Requires banks to certify that community land mortgages are to individual borrowers and represent additional mortgages beyond what the bank would normally originate.
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Takes effect 120 days after becoming law.
Legislative Description
Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.
Last Action
referred to housing
1/3/2024