NY S07541

Amends the Public Authorities Law to expand the definition of "mortgage" to include security interests in tangible personal property constituting modular or manufactured housing, in addition to real property interests.

Allows the New York State mortgage agency to purchase mortgages on manufactured homes purchased and sited on land, whether secured by first or second liens.

Clarifies that mortgages on manufactured housing must be properly documented through instruments that create security interests in the tangible personal property, rather than requiring traditional real property recording.

Extends insurance coverage eligibility under the agency's programs to mortgage loans on modular or manufactured housing purchased under its forward commitment program.

All amendments expire and are repealed upon the expiration or repeal of their respective underlying statutory sections.