NY A07403

Expands the definition of "mortgage" under Public Authorities Law to include loans secured by tangible personal property constituting modular or manufactured housing, in addition to traditional real property liens.

Allows the New York State Mortgage Agency to purchase both first and second lien mortgages on manufactured and modular homes purchased and sited on land, enabling financing for both new construction and purchase of existing homes.

Modifies mortgage insurance eligibility requirements to recognize security interests in tangible personal property (manufactured homes) as valid collateral alongside traditional real property liens.

Requires mortgagors with second lien financing to contribute a minimum percentage of the lower of the purchase price or appraised value from their own verifiable funds, as determined by the agency.

Takes effect immediately with provisions that amendments expire upon the expiration or repeal of the affected statutory subdivisions.